There are important dates and detailed developments that can affect all financial markets this week. It is very important for crypto investors and traders to follow macroeconomic news as well as technical analysis. In this article, we have compiled the important financial developments that may affect Bitcoin and altcoins during the week of April 3.
Here are the developments and dates that will be critical for Bitcoin and altcoins this week
Bitcoin and the crypto market experienced a pullback earlier in the week. The price of BTC briefly dropped 2.2% and then stabilized above $28,000. The broader crypto market has also followed this momentum and is in the red.
The drop in price was likely due to news that members of the OPEC + oil alliance announced a surprise cut in oil production on Sunday. Led by Saudi Arabia, which wants to produce 500,000 bpd less, production will be one million bpd total from May onwards.
As a result, the price of Brent crude rose more than $5, or 7%, to over $85 a barrel in early trading, potentially putting further pressure on inflation. As macro analyst Alex Krueger explains, there is a general rule that a $10 increase in oil prices leads to a 0.2% increase in inflation.
As a result, the US dollar started the week with a rise. Inflation fears could lead to expectations that the Fed is not done and will have to raise interest rates in May. This possibility is getting stronger, especially as US President Biden has made heavy use of the Strategic Petroleum Reserve (SPR) in recent months.
US dollar strengthens
With the above developments, all eyes will likely be on the Dollar Index (DXY) on Monday. If DXY continues to rise due to fears of inflation and rate hikes, it could be a major headwind for Bitcoin and the entire crypto market.
Looking at the 4-hour chart of DXY, the index appears to be exiting a downtrend. If this is confirmed, equities and the broader financial market are likely to start the session in the red.
Important macro data for bitcoin and crypto
Monday, April 3
Firstly, Türkiye Consumer Price Index (CPI) data is released today. The CPI expectation of experts was 2.85%, the previous one was 3.15%.
The trading week before the Easter holiday contains some macro data that could have an impact on Bitcoin and the entire altcoin market. Today, the ISM Purchasing Managers Index (PMI) for the US manufacturing sector will be released at 16:00. For March, experts expect the index to weaken further by 47.5. In February, the index was 47.7, below the forecast of 48.0. In response, DXY has been bearish, while Bitcoin has managed to capitalize on the weakness of the US dollar index today.
Tuesday, April 4
The JOLTS employment report will be available at 16:00 on Tuesday, April 4th. The latest forecast is for vacancies to rise to 10.40 million, up from 10.82 million the previous month. If the US economy continues to be strong (a figure above expectations), US stock indices are likely to respond positively. In recent months, the financial market has reacted positively to a resilient JOLTs report, which could benefit Bitcoin as well.
Also, today, Boston Fed President Eric Rosengren and Board Member Lisa D. Cook will make statements at 20:30.
Wednesday, April 5
At 10:00 on April 5, the final Purchasing Managers Indices (PMI) for the US services industry will be released. February data came in at 55.1, again above the expectations (54.5). As a result, the crypto market, as well as the stock market, has been on the rise. If the 54.5 forecast is surpassed once again, investors will likely continue to view it positively.
Friday, April 7
On April 7 at 3:30 p.m., the U.S. Bureau of Labor Statistics will release the U.S. Labor Market Report (NFP) and the latest U.S. unemployment figures, despite the holiday and closed Wall Street. Experts estimated that 213,000 new jobs were created (significantly less than the 265,000 jobs created in February).
Both data can fuel or alleviate recession fears. In the latter case, it will be positive for both financial markets and Bitcoin. If the NFP holds the forecast for the seventh consecutive month, a positive reaction can be expected in the financial markets. The US unemployment rate is estimated at 3.6% after rising from 3.4% to 3.6% in February.
At the time of writing, BTC price was spending time above $28,000 and the altcoin market was moving sideways. cryptocoin.com Technical analysis shows that the possible short-term target is $31,236, accompanied by the above developments.
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