Bitcoin Price In Turmoil: Major Events That Could Affect Price This Week
11 Dezember 2023 - 9:00PM
NEWSBTC
The flagship cryptocurrency, Bitcoin, is currently flying high on
the back of potential approval of the pending Spot Bitcoin ETF
applications in January. However, this upward trend could cool off
as this prominent crypto analysis platform outlined key events that
are set to happen this week. “Huge Week Ahead” For Bitcoin In a
post shared on their X (formerly Twitter) platform, The Kobeissi
Letter noted that the November CPI Inflation data is coming in this
week. Specifically, it is set to be released on December 12.
Meanwhile, The Federal Open Market Committee (FOMC) is scheduled to
meet on December 12 and 13. These two events are significant for
Bitcoin’s price. The CPI inflation data is usually a factor in the
FOMC’s decision on whether or not to increase interest rates in its
fight against inflation. A dovish stance is seen as bullish for the
markets (including Bitcoin), while a hawkish one usually affects
the market negatively. Therefore, all eyes will be on the
inflation data and whether or not the FOMC will choose to raise the
interest rates. The Federal Reserve Chairman Jerome Powell had
recently stated that talks about rate cuts are still “premature,”
although he admitted that “inflation is moving in the right
direction.” The financial markets reacted positively to Powell’s
remarks, with many experts of the opinion that the Feds are raising
the interest rates and would possibly stick to the current rates
between the range of 5.25 to 5.50 percent. If that happens, there
is a high chance that Bitcoin’s price will react positively to
it. BTC price recovers above $42,000 | Source: BTCUSD on
Tradingview.com Other Inflation Indicators To Watch Out For The
OPEC Monthly Report and November Producer Price Index (PPI)
Inflation data are also set to be released on December 13. These
two events are also known to have a significant effect on Bitcoin’s
price as they are key inflation indicators. For one, the OPEC
monthly report contains issues affecting the world oil market. It
will also show whether there has been a significant increase in oil
prices and the key supply and demand metric. An increase in oil
prices could be bad news for Bitcoin as this would mean that
inflation is still on the high which could lead to higher interest
rates. The PPI inflation data is also key. Some even argue
that it is more important than the CPI inflation data since the
producers indirectly determine how much consumers pay for these
goods. An increase in the PPI inflation data also suggests that
inflation is on the high. That would also be a factor when the Feds
decide whether to raise interest rates or not. At the time of
writing, Bitcoin is trading at around $42,100, down by over 3%
according to data from CoinMarketCap. Featured image from The
Conversation, chart from Tradingview.com
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