As we kick off a new week, there are a few important economic events and factors in the United States that we need to keep an eye on that could impact Bitcoin’s price. While Bitcoin is already off for a great start as it jumped back above $64,000, let’s see what they are and how they might affect the price of our favorite digital asset, Bitcoin.
1. Economic Indicators
Monday, October 14 – Although it’s Columbus Day and bond markets are closed, keep in mind that any significant comments from Federal Reserve speakers could still influence the markets. Even without big moves in traditional markets, Bitcoin often reacts to these kinds of signals.
Tuesday, October 15 – The Empire State Manufacturing Survey comes out. While it may not have a direct effect on Bitcoin, it could shift market sentiment. If the results surprise us in a good or bad way, it might signal the health of the broader economy, which can indirectly touch Bitcoin prices.
Wednesday, October 16 – The Import Price Index drops on this day, and it could give us a clue about inflation pressures. If inflation is on the rise, some investors may turn to Bitcoin as a hedge. On the other hand, if inflation seems to be cooling, we might see more conservative investment choices as people shy away from riskier assets.
Thursday, October 17 – Jobless claims data is released, and this one’s a biggie. Rising unemployment could cause concern about an economic slowdown, leading some to see Bitcoin as a hedge against those uncertainties. However, if the data sparks fears of a recession, we might see a “risk-off” attitude in the markets, where Bitcoin could sell off alongside other assets.
Friday, October 18 – Housing starts and building permits data will give us a glimpse into the health of the housing market. If the numbers show weakness, Bitcoin may attract more interest from those seeking alternative investments in uncertain times. However, if we see strong retail sales, traditional markets might get a boost, possibly diverting some funds away from crypto.
2. Federal Reserve Speakers
Throughout the week, various Federal Reserve members are scheduled to speak. These talks can give us insights into future monetary policy. For Bitcoin, any hints about interest rate changes or shifts in economic outlook could push investors toward it as a hedge or speculative play. Stay tuned to these speeches—they can create short-term volatility in both traditional markets and Bitcoin.
3. Earnings Reports
While corporate earnings don’t directly tie into economic policy, big reports from major corporations, especially banks and tech companies, can sway market confidence. If earnings come in strong, investors might shift back to traditional stocks, potentially causing some short-term downward pressure on Bitcoin as portfolios get rebalanced.
4. Inflation Expectations
On Monday, the NY Consumer Inflation Expectations will set the tone for the week. Higher inflation expectations could boost Bitcoin’s appeal as a hedge against inflation. On the flip side, if inflation expectations drop, investors might feel safer moving towards less risky assets.
5. Retail and Consumer Sentiment
We’ll also be watching retail sales data. If these figures disappoint, it could signal that consumer confidence is waning, and a shaky economy might drive more interest in Bitcoin as a safeguard against economic recovery concerns.
We’ll keep you updated here on HowToBuyBitcoin.org!