Watch out: 4 things that could impact Bitcoin price this week

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Watch out: 4 things that could impact Bitcoin price this week
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Bitcoin’s price has been volatile in recent days, reflecting a series of global economic events. After the surge caused by the Federal Reserve’s 0.5% interest rate cut, the crypto market has remained stable, but the week promises new significant movements.

Given these facts, analyst Martin J. Young indicated four main factors that could influence the value of the world’s largest cryptocurrency in the coming days.

The first major indicator this week will be the S&P Global Services PMI report. This report captures business conditions in the services sector, one of the largest contributors to U.S. gross domestic product (GDP).

If the results show growth in the sector, it could strengthen economic optimism, increasing appetite for risk assets like Bitcoin. However, any signs of a slowdown could create downward pressure on the cryptocurrency’s price.

Factors that can impact Bitcoin

On Tuesday, the focus will be on the Consumer Confidence Index, which provides a clear insight into the mood of American consumers regarding the economy.

This index reflects the level of optimism or pessimism regarding economic conditions and is often seen as an indicator of willingness to spend. If confidence is high, it could lead to greater demand for alternative assets like Bitcoin. Conversely, a drop in confidence could cool the crypto market.

On Thursday, two important events will occur: the August Durable Goods Orders report and the Q2 2024 GDP review. These reports are key to assessing the health of the U.S. economy.

An improvement in durable goods orders could signal an increase in economic activity, boosting Bitcoin. Meanwhile, a positive revision in GDP could indicate that the economy is more robust than expected, which could favor risk assets.

The Personal Consumption Expenditures (PCE) price index, which will be released on Friday, is one of the main inflation indicators tracked by the Federal Reserve. This report could have a direct impact on upcoming U.S. monetary policy decisions.

If the PCE indicates subdued inflation, the chances of a new interest rate cut could increase, favoring Bitcoin. However, if the numbers point to persistent inflation, investors may shy away from more volatile assets like cryptocurrencies.

Watch out: 4 things that could impact Bitcoin price this week

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Watch out: 4 things that could impact Bitcoin price this week

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Watch out: 4 things that could impact Bitcoin price this week

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