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During this week, the economic calendar had a decisive impact on the price of Bitcoin. In particular, the CPI inflation data in the United States caused a considerable change in trend in the largest Cryptocurrency and in the rest of the crypto market.
The fact that the consumer price index reflected 2.7% became a buy signal for investors in the financial and crypto sector. Meanwhile, the curious thing about this is that BTC was on a steep profit taking that caused massive liquidations in the derivatives market.
Thus, on Monday and Tuesday, the price of BTC lost the $95K barrier and many thought that the liquidations could extend. However, Wednesday’s inflation data changed everything. For this week, important announcements are also expected. The largest of these is the meeting of the Federal Open Market Committee (FOMC).
A new rate cut of up to 25 basis points is expected to be announced at that Federal Reserve meeting. This and other data could cause new momentum for the price of Bitcoin to definitively consolidate above $100K.
The economic data that could affect the price of Bitcoin
Below, we present this week’s economic calendar. As always, figures that could have a direct or indirect relationship with cryptocurrencies are selected. In that sense, other data that could have an impact on other markets such as Forex or commodities is left aside.
Monday:
- Speech by the President of the ECB, Christine Lagarde.
- UK manufacturing and services PMI.
- Manufacturing and services PMI in the United States.
Tuesday:
- Unemployment rate in the United Kingdom.
- Trade balance in the European Union.
- CPI inflation data in Canada.
- Retail sales data in the United States.
- US Industrial Production Index
Wednesday:
- CPI inflation in the United Kingdom.
- Final CPI inflation in the EU.
- FOMC monetary policy decision and Jerome Powell press conference.
- Monetary policy decision in Japan.
Thursday:
- Final quarter-on-quarter GDP in the US
- Weekly unemployment claims.
Friday:
- UK retail sales.
- Retail sales in Canada.
- US Core PCE Inflation Data
- Personal income and expenditures and consumption in the US
- EU consumer confidence report.
- US consumer confidence revised
- University of Michigan Inflation Expectations (revised).
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