HomeNewsUnlocking Insights: Must-Watch Economic Data That Can Impact the Bitcoin and Crypto...

Unlocking Insights: Must-Watch Economic Data That Can Impact the Bitcoin and Crypto Market

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  • Bitcoin’s performance this week may be significantly influenced by upcoming US economic events, particularly related to the housing market and central bank activities.
  • The recent filing of a Bitcoin Spot ETF by Blackrock and potential agreements between SEC and crypto exchanges like Binance and Coinbase could further stimulate upward momentum for Bitcoin.

Cryptocurrency investors this week should pay close attention to several critical economic and financial events. Last week, the crypto market, with Bitcoin at the helm, experienced volatile trends. Bitcoin’s price briefly plummeted to a multi-month low of $24,750, threatening to breach the crucial technical level of $25,000 due to several leveraged long bet liquidations.

However, following the pause in US interest rates, buyers rekindled their confidence, lifting Bitcoin’s price back above the previous week’s low, hovering around $26,500. The application for a new Bitcoin Spot ETF by Blackrock, the world’s largest asset manager, also propelled Bitcoin’s price. Therefore, the price recovery from the temporary drop in the first half of the week can be interpreted as a false breakout on the downside.

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As we delve into this week, key data from the US real estate market will set the trading tone. Preliminary figures for US building permits will be released on Tuesday, followed by the annual hearings on US monetary policy led by Jerome Powell, Chairman of the Federal Reserve, on Wednesday and Thursday. The week concludes with the release of the purchasing managers’ indices from the service sector for the US on Friday.

Building permits, seen as an early indicator of the health of the US housing market, will be released by the Census Bureau on Tuesday, June 20, 2023. Last month, the final count of new building permits met expert expectations. Still, the US stock indices corrected around three percentage points, leading to a roughly 4% decline in Bitcoin’s price. Analysts expect a slight improvement in the real estate market situation for May.

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Powell’s testimony during the annual hearings will be under scrutiny as well. Market participants are looking for insights into the US central bank’s approach in the coming trading months. Any unclear statements or lack of monetary policy consistency in Powell’s responses may cause significant fluctuations in the US dollar index (DXY) and US stock market, thereby influencing Bitcoin and the overall crypto market.

On Thursday, June 22, 2023, the National Association of Realtors will present the latest sales figures for existing homes for May. These figures are critical indicators of the state of the US housing market and could also influence Bitcoin and the overall cryptocurrency market.

Finally, on Friday, June 23, 2023, the latest purchasing managers’ indices (PMI) for the US service sector will be released. Although recent numbers have slightly declined, the service sector continues to outperform the manufacturing sector in the US. Notably, the effects of these numbers on Bitcoin and other cryptocurrencies can be challenging to predict.

 

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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