Don’t Miss These Key Crypto Market Movers This Week
Bitcoin price could be in for a wave of volatility in the days to come owing to the several macroeconomic events coming up. Currently, the top cryptocurrency is undergoing a ‘volatility squeeze’ as a result of prolonged sideways movement in recent times. Historic data indicates that these squeezes are often followed by bullish momentum.
Interestingly, several upcoming events could potentially have a market moving effect on the global cryptocurrency market.
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The FOMC Impact?
Trading volumes for Bitcoin have seen a significant drop since July 15, 2023, when there was a $8.01 billion daily volume compared to the $20 billion it clocked the days before. Hence, the July 26, 2023 meeting of the Federal Open Market Committee (FOMC) could likely initiate a cycle of volatility for Bitcoin price, as was seen around the previous US Fed meetings. Investors would be closely looking at Fed Chair Jerome Powell’s message on the committee’s forecast for the FOMC meets to come in the remainder of 2023.
Also scheduled for the week is U.S. PCE inflation Index data on Friday, July 28, 2023. The CME FedWatch Tool projects a 99.2% chance for an interest rate rise to the 525-550 bps range in the upcoming meeting.
Robert F. Kennedy Jr. To Speak On Bitcoin
US Presidential candidate Robert F. Kennedy Jr. is set to speak at length on Bitcoin in an interview with The Wolf Of All Streets on Wednesday, July 26, 2023. He had recently promised to back the US Dollar with Bitcoin and exempt the cryptocurrency from taxes, if elected to power.
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Will S&P500 Bulls Push Bitcoin Price Past $30k?
Meanwhile, Bitcoin may be in for a correction phase in the days to come due to an imminent bearish phase the US stock markets may soon attract. The S&P 500 Index is currently on a rare bullish streak with a less than 1% drop in as many as eight straight weeks.
Whereas the Dow Jones Industrial Average repeated on weekly gains with 10 consecutive daily gains, for the first time since 2017. Debate around artificial intelligence linked stocks have recently helped maintain buoyancy in the S&P 500, which has a historical correlation with the crypto market.
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