Crypto Market Braces for Key Economic Data This Week
The cryptocurrency markets, including Bitcoin, ended the week on a positive note, with Bitcoin's price reaching the key resistance level of $28,600.
This comes after several unsuccessful attempts and puts Bitcoin’s price just below the critical threshold that separates it from $30,000.
If Bitcoin’s price continues to rise, it could potentially boost the entire crypto market, which has yet to see a significant increase in altcoin season.
Investors in Bitcoin and other cryptocurrencies should closely monitor key macro data in the coming week, particularly the US Consumer Price Index (CPI), which is expected to be released on Wednesday, April 12 at 8:30 am EST.
This data will likely impact the Bitcoin and crypto markets and could affect the Federal Reserve’s decision on whether to raise interest rates. A miss on expectations could result in a drop in Bitcoin’s price, while meeting or exceeding expectations could lead to an upward trend.
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On Wednesday, the FOMC minutes will be released at 2:00 pm EST, providing further insights into the Fed’s decision-making process. Thursday, April 13, will see the release of the US Producer Price Index (PPI) and initial jobless claims, while Friday, April 14, will feature the release of US retail sales figures.
Bitcoin is currently trading at $29,150, with a daily or weekly close above $28,600 being seen as a very positive sign.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
