Top 4 US Events This Week Which Will Impact Bitcoin’s Price
Vignesh S G14 Oct 20242 min read
The Bitcoin market is looking strong, gaining 2.7% over the last seven days. The question now is—can this upward trend continue? The week began on a positive note, with Bitcoin’s price starting at $62,886 and climbing to $64,828 by the end of today. Several key US economic events could play a big role in determining whether this momentum holds.
Let’s explore the factors that could shape Bitcoin’s performance in the days ahead.
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: Will a Weaker Job Market Push Bitcoin Higher?
On October 17, important labor market data like Initial Jobless Claims, Continuing Jobless Claims, and the 4-Week Average will be released. If jobless claims rise, it could signal a weakening economy, which may push investors toward Bitcoin as a safer investment.
As of October 5, Initial Jobless Claims were at 258,000, with predictions for a slight drop to 255,000. Continuing Jobless Claims, however, are expected to rise slightly from 1.86 million to 1.87 million. A weaker job market could lead to more interest in Bitcoin.
Retail Sales: A Sign of Consumer Confidence?
Retail sales data, set to be released on October 17, is another important event to watch. In August, the US Retail Sales MoM index rose by 0.1%, and forecasts suggest it could increase to 0.3% in October. Strong retail sales usually signal higher consumer confidence, which can boost demand for riskier assets like Bitcoin.
Industrial Production: Economic Growth Insight
The US Industrial Production data, also coming out on October 17, will give insight into the country’s economic health. In August, industrial production increased by 0.8%, but this month it’s expected to drop to -0.1%
A strong report could boost confidence in both traditional and digital assets, while a weak report may draw more investors to Bitcoin.
Corporate Earnings: Could Positive Results Lift Bitcoin?
Big companies like Bank of America and Citigroup are releasing their earnings reports this week. If the reports show strong earnings, stock prices may rise, and that momentum could spill over into the crypto market, encouraging more investment in Bitcoin.
If we see strong retail sales, fewer jobless claims, and stable industrial production, Bitcoin could attract more investors.
Keep an eye on these key economic events, as any shifts could impact Bitcoin’s performance in the coming days.
