Bitcoin (BTC) $95,701.32has been forced to overcome the $ 100 thousand threshold for the last three weeks. The largest crypto currency, which is currently traded at $ 95,890, is stuck at an important resistance point. Economic data to be announced this week and speeches of Federal Reserve (FED) officials Crypto Money MarketIt can create great mobility. So, will Bitcoin go to rise after these developments?
Consumer trust, housing market and nvidia earnings
One of the most important data of this week will be announced on February 25 CB consumer trust will have data. Data measures confidence in the US economy. If consumer trust is higher than expectations, investors may increase the likelihood of risky assets. But if it comes low, Bitcoin and altcoinSales pressure can be seen in assets such as s.
On February 26, the US concerning the housing market New housing sales data will be announced. This data is followed as an important indicator in terms of economic stability. The same day technology giant Nvidia’s earnings report It can also cause fluctuations in the markets. Nvidia’s strong results can be positively reflected to Bitcoin along with technology shares.
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US growth data, inflation data and speeches of FED officials
On February 27, the US fourth quarter of 2024 Gross domestic product (GDP) data will be announced. A growth rate above expectations can increase Bitcoin’s rise by increasing investor confidence. However, the low growth data may cause concern in the markets.
One of the most critical developments of the week will be published on February 28th. Personal consumption expenditures (PCE) There will be inflation data. This data, which will give clues to how strict policy to follow the Fed on inflation, can determine the short -term aspect of Bitcoin. If inflation continues to remain high, the probability of keeping interest rates at a higher level increases for a longer period of time, which may cause sales pressure on the crypto currency market.
A total of 10 Fed officials are expected to make a speech during the week. FED officialsThe explanations of investors will take clues about interest policies and inflation. If the Fed officials give more pigeons tone messages, a positive environment may occur for Bitcoin. However, the market may be under pressure if statements will continue for strict monetary policies.
Technically, Bitcoin needs to break the resistance point of $ 97,000 to overcome $ 100,000. If it increases above this level, the level of $ 98,500 and then the psychological $ 100,000 level can become a target. However, as the price continues to remain below $ 97 thousand, there is a risk of decreasing to 95 thousand dollars and even up to 92 thousand dollars.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
