Bitcoin (BTC) is currently trading near the $94,000 mark and remains responsive to US economic indicators. This week's US economic data has the potential to cause fluctuations in the cryptocurrency market.
Various economic indicators in the US, ranging from consumer confidence to the strength of the labor market, can impact the sentiments of traders and investors in the crypto market.
Here are some key US economic indicators to watch out for this week that could influence the portfolios of crypto market participants:
- The Consumer Confidence report, which assesses households' optimism about financial conditions, will be released on Tuesday. A positive reading might lead to increased investment in cryptocurrencies, while a lower-than-expected outcome could result in profit-taking and lower confidence in the economy.
- The Job Openings and Labor Turnover Survey (JOLT), which tracks job demand, is another significant indicator that will be released this week. Strong job openings could signal economic resilience, driving investments in crypto assets like Bitcoin.
- The ADP National Employment Report, which monitors private-sector job growth, will come out on Wednesday. A robust employment report could boost investor sentiment, while a weaker reading might raise concerns about a slowdown, potentially prompting investors to seek refuge in stablecoins or Bitcoin.
- The advance estimate for Q1 2025 GDP will also be released on Wednesday, providing insights into the economic growth of the US. Strong GDP growth typically boosts Bitcoin as investors seek risk assets, while sluggish growth could lead to expectations of monetary easing.
- The Core PCE Price Index, the Fed's preferred measure of inflation, will be released on Wednesday as well. A lower-than-expected inflation reading could increase hopes for rate cuts and boost sentiment towards Bitcoin.
- Initial Jobless Claims, reported every Thursday, will offer real-time insights into the labor market. Lower claims could signal growing employment and lift Bitcoin, while higher claims might lead to concerns about economic softening.
- Lastly, the Non-farm Payrolls (NFP) report, due on Friday, will provide information on job gains and unemployment rates. A strong NFP report could drive bullish momentum, while a weak outcome might trigger recession fears, prompting investors to turn to Bitcoin as a hedge.
Bitcoin's current price stands at around $94,154, showing a slight increase of 0.29% in the last 24 hours.