Bitcoin and the crypto market have experienced a stronger correction since last Wednesday, shaking off the bullish sentiment of the past few weeks. While Bitcoin’s 1-week chart still looks very bullish as long as the price stays above $25,000, the market is close to the critical area on the 1-day chart. Any deviation below $26,800 could mean a trend change on a daily basis. On the upside, the $27,800 area is key. If this level is exceeded, the uptrend may resume earlier than the bears expect. In the coming week, there are various events and data that can determine the trend direction. Here are 16 developments to note on a weekly basis…
This week, there are critical developments for cryptocurrencies
cryptocoin.com As we have also reported, on Monday, European Central Bank official Panetta will make a speech between 12:00 and 16:30, which could potentially affect the exchange rate of the Euro. On Tuesday, April 25, the United States will announce various economic indicators, which are closely watched by traders and investors. These include the annual Home Price Index, Building Permits, Consumer Confidence Index and New Home Sales figures for March. These data may affect the performance of the US dollar market.
If we look at the US consumer confidence index, consumer confidence in the previous month was realized at 104.2, well above the expectations of 101.0. In recent months, strong consumer data has been positively evaluated by the crypto market. Therefore, according to experts, exceeding expectations will have a slight positive impact on Bitcoin. Weak consumer confidence could be indicative of an impending recession and, accordingly, an expanding correction in the crypto market.
GDP will be announced
On Wednesday, April 26, a Flow (FLOW) upgrade draws attention, which could affect the cryptocurrency markets. In addition, the US Core Durable Goods Orders for March, a key indicator of the nation’s manufacturing sector, will be released. On Thursday, April 27, the US will release a few key economic indicators. These include March’s Gross Domestic Product (GDP) figures, Unemployment Claims and Pending Housing Sales data. These can have a significant impact on the value of the US dollar and the country’s overall economic outlook. Also, the Ronin (RON) token will go through a major release that could impact the cryptocurrency market. On Thursday, April 27, US gross domestic product (GDP) figures for the first quarter of the 2023 business year will be released at 15:30. Recently, weak data led to a price correction in both the stock market and the crypto market.
The initial estimate for GDP was 2.0 percent, well below the final data for the fourth quarter of 2022 (2.6 percent). If the forecast is confirmed, the financial market is likely to trend downwards for fear of an impending recession. On the other hand, exceeding the forecast could trigger bullish momentum for Bitcoin and crypto.
The most important data comes on Friday
However, the most important macro data point will come near the end of the week. The US will release the Core Personal Consumption Expenditures (PCE) Price Index, an important indicator of inflation. The US will release the data on Friday, April 28 at 3:30 PM. February core PCE fell 0.3 percent month-on-month, below expectations of 0.4 percent. Analysts expect a unchanged 0.3 percent increase for March. On an annual basis (YoY), an increase of 4.5 percent is expected from 4.6 percent last month (estimate: 4.7 percent). Friday, April 28, is another important day for other economic announcements. The country’s interest rate decision will be announced while the Bank of Japan makes a monetary policy announcement. On Sunday, April 30, China will release its April PMI data, which may affect markets in the Asia-Pacific region.
If the core PCE goes higher, it will be bearish and possibly put pressure on the crypto market. On the other hand, if the core inflation rate increases less as in the previous month, a bullish response can be expected. Bitcoin price is expected to benefit from inflation rates that continue to fall. Meanwhile, crypto podcaster Tony Edwards has issued another warning. According to Edwards, Elizabeth Warren, the biggest crypto critic in Washington DC, could introduce an anti-crypto law that supposedly has no chance of success, but could still shock the market for the time being.
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