The Bitcoin market looks bullish right now. In the last seven days, the Bitcoin market has experienced a surge of 2.7%. Can the market continue this bullish momentum this week? The market opened the week on a positive note. At the start of today, the price was around $62,886. Now, it stands at $64,828. Whether the market can continue its performance depends on the factors that can influence the market outcome this week. So, this is an effort to understand the prime US Events that can shake the BTC market next week. Let's dive in!
What to Watch in the US Economy This Week
As per experts' opinion, the top four US events that can influence the cryptocurrency market in the coming week are jobless claims, retail sales, industrial production, and corporate earnings reports.
Jobless Claims: Impact on Bitcoin?
Certain important indices that can reveal the US labour market condition, including the US Initial Jobless Claims, US Continuing Jobless Claims and the US Jobless Claims 4-Week Average, will be released on October 17, 2024. A higher number of claims could signal a weakening job market. Economic weakness may push investors to digital assets.
On October 5, 2024, the US Initial Jobless Claims was 258 thousand. The consensus is that it will come down slightly to 255 thousand. The US Continuing jobless Claims was 1.86K thousand on September 28. The consensus suggests that it will go up to 1870K.
Retail Sales: Signalling Consumer Confidence
The US Retail Sales data release is another important event to watch for this week. The US Retail Sales MoM index is scheduled to be released on October 17. In August, it was 0.1%. For October, the consensus is that it will rise slightly to 0.3%.
Strong sales numbers suggest consumers are confident and spending more. This may lead to increased interest in riskier assets like cryptos.
Industrial Production: Economic Growth Insight
The third important event to watch for is the release of the US Industrial Production data. The United States Industrial Production MoM index is also expected to be released on October 17. In August, it was 0.8%. The consensus is that it will go down to -0.1%.
A strong report would indicate a healthy economy and could boost investor confidence in both traditional and digital assets.
Corporate Earnings: A Key Market Indicator
This week, major companies like Bank of America and Citigroup are likely to release earnings reports. If the reports suggest strong earnings, they will push stock prices higher. Positive momentum in the US stock market can spill over into the crypto market.
In conclusion, a positive outlook, supported by strong retail sales, declining jobless claims, and robust industrial production, could boost Bitcoin investment.
Stay tuned to Coinpedia for more such data-driven news stories!