Bitcoin And Crypto Face These Key Events In The Week AheadPosted by freeamfva on April 20th, 2023 Bitcoin And Crypto Face These Key Events In The Week Ahead The Bitcoin and crypto market are facing a “bullish vacuum” in the short term. In the wake of significantly lower-than-expected inflation numbers (CPI and PPI) and the much-anticipated pivot by the Federal Reserve in the US, the Bitcoin price was able to continue its bullish trend of the past few weeks and reached a new yearly high of ,968 last Friday.To get more news about crypto events, you can visit wikifx.com official website. After the last few weeks were always jam-packed with important macro data, there are virtually no key data points in the upcoming two weeks. Only on May 03, this will change, when the next Federal Open Market Committee (FOMC) of the US Federal Reserve is scheduled. On Thursday, April 20 at 8:30 am (EST), weekly data on initial jobless claims in the US are due. Last week’s numbers were again well above expectations. This week, 240,000 are projected, compared to 239,000 last week. The slowly cooling US labor market already manifested itself with a much weaker than forecasted JOLTS jobs report as well as weak NFP labor market data in recent weeks. If the latest figures on initial jobless claims confirm this trend, it would be a further warning signal of a recession in the US. Should the labor market stabilize again and unemployment claims stop rising for the time being, this would be positive for the crypto market. The looming recession could at least be pushed back a bit or could turn out to be less severe due to a still resilient labor market.Third, investors should also keep an eye on the dollar index (DXY). The DXY is at a critical point and could provide support for a further uptrend in Bitcoin and crypto if it continues to fall. Analyst Scott Melker recently shared the chart below and stated: Like it? Share it!More by this author |