The Bitcoin price has surged back above $64,000, leading to positive sentiments among traders who anticipate the start of the long-awaited ‘Uptober’ rally. This price movement comes amidst several key macro events happening this week that could potentially impact the cryptocurrency market.
One of the important macro events to watch out for is the release of September retail sales data on October 17. This data provides insights into consumer demand for finished goods and offers a glimpse into the current state of the US economy. It also plays a role in guiding the US Federal Reserve on potential rate cuts.
Additionally, the Philly Fed manufacturing data and September housing starts data will be released on October 17 and 18 respectively. These economic indicators are crucial as there is uncertainty surrounding the possibility of Fed rate cuts and the impact it could have on the market.
Furthermore, monitoring the 11 Fed speaker events scheduled for this week is essential. Insights from Fed governors such as Christopher Waller and Adriana Kugler could shed light on the Fed’s stance leading up to the November FOMC meeting.
In the corporate sector, financial firms like Morgan Stanley, Goldman Sachs, and Citigroup are set to report their earnings this week. Given Bitcoin’s correlation with the stock market, positive earnings reports from these companies could potentially boost the Bitcoin price and the broader crypto market.
As Bitcoin surpasses $64,000, analysts have varying opinions on its future trajectory. While some believe that a bullish reversal is imminent and predict a rise to $78,000, others like CrediBULL Crypto caution that Bitcoin may still experience a dip before reaching new all-time highs.
Currently trading at around $63,900, Bitcoin has seen a 2% increase in the last 24 hours according to data from CoinMarketCap. The charts also indicate a bullish push towards $65,000, with traders closely monitoring the price movements.
With the market experiencing fluctuations and uncertainty surrounding key macro events, traders and investors are advised to stay informed and cautious in their decision-making. The upcoming weeks could prove crucial in determining the direction of the cryptocurrency market and the Bitcoin price.
