4 things that can move the price of Bitcoin this week

Crypto markets have remained tightly capped over the weekend with reduced volatility, but that may be about to change.

Retail sales and manufacturing reports are released this week. They are often used as indicators of economic conditions and potential changes in inflationary trends.

“Now we have the Fed, the election, geopolitical tensions and earnings in the spotlight,” Kobeissi’s Letter commented.

Economic events from October 14 to 18

Last week’s slightly higher-than-expected CPI came alongside a rise in jobless claims, adding to investor confusion about the direction of the US economy.

Additionally, the FOMC minutes revealed that a majority of rate committee members supported the 0.5% rate cut and markets are now pricing in an interest rate cut of 0.25% in November.

The September retail sales report, which provides information on how much money consumers are spending, will be released on Thursday. It is also a prominent indicator of the health of the economy and of inflationary factors on the demand side.

However, Global Markets Investor warned that, adjusted for inflation, retail sales have declined for five consecutive months and are down around 3% since April 2022.

The industrial production report for September is also released on Thursday. This data reveals the output volume of US industries such as manufacturing, mining and utilities and is also a leading indicator of economic growth.

Builder confidence is also available this week with Friday’s housing market reports.

Key events this week:

1. OPEC Monthly Report – Monday

2. September retail sales data – Thursday

3. Philadelphia Fed manufacturing data – Thursday

4. Housing starts data for September – Friday

5. Total of 11 Fed speaker events this week

6. ~10% of S&P 500 companies report earnings…

— Kobeissi Letter (@KobeissiLetter) October 13, 2024

Several Fed officials are set to make statements this week, starting with Fed Governor Christopher Waller on Monday. On Tuesday, San Francisco Fed President Mary Daly and Federal Reserve Governor Adriana Kugler will also make statements.

In addition, major banks including Goldman Sachs, Morgan Stanley, Citigroup and other major financial firms are scheduled to report earnings this week.

Crypto market outlook

Crypto markets remained flat over the past 24 hours at $2.33 trillion at the time of writing. They traded mostly flat over the weekend, and Bitcoin remained tightly capped.

So far, the market is down 5% since the beginning of the month, with no signs of “Uptober” yet to materialize.

However, Bitcoin briefly broke above $64,000 during early trading in Asia on Monday morning. The asset remains within its seven-month lateral channel and is near the halfway point at the moment.

Ethereum traded in an even tighter range around the $2,460 level, but reached $2,500 on Monday morning as it trailed its big brother.

Most altcoins were in the green this Monday morning, although gains were minimal as the consolidation continued.

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