Bitcoin Bull Run Ahead? 5 Key Economic Events That Could Fuel BTC’s Surge

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Bitcoin investors are closely watching this week’s US economic data releases, which could dictate BTC’s next move. With employment figures, inflation insights, and Federal Reserve commentary on the agenda, the crypto market is preparing for possible price swings. The focus is on whether weak economic data could fuel expectations of rate cuts, boosting Bitcoin’s appeal, or if strong reports could strengthen the dollar, pressuring BTC.

Bitcoin to Face an Intense Week – 5 Key events to unfold

The week kicks off with the ADP National Employment Report on Wednesday, providing insights into private-sector job growth. Economists expect a slowdown, with February’s job growth projected at 143,000, down from January’s 183,000. A weak report could increase hopes for Federal Reserve rate cuts, pushing Bitcoin higher. However, stronger-than-expected employment numbers might reinforce economic resilience, strengthening the dollar and shifting investor focus away from BTC.

Thursday brings the Initial Jobless Claims report, offering a real-time look at unemployment trends. Last week’s figure climbed to 242,000, exceeding expectations of 225,000, hinting at economic softening. A further rise in claims could highlight growing financial distress, prompting investors to seek refuge in Bitcoin. On the flip side, fewer claims could signal a stable economy, limiting BTC’s hedge appeal.

Friday’s US Unemployment Rate report is a major market event. Forecasts suggest job growth will reach 160,000, up from 143,000 in January, while the unemployment rate is expected to tick up to 4.1%. If job growth remains strong, the Federal Reserve may hold off on rate cuts, dampening Bitcoin’s momentum. However, if unemployment rises, Bitcoin could benefit as investors look for alternatives amid economic uncertainty.

Fed Chair’s Speech Could Shake Markets

Moreover, all eyes are peeled at Federal Reserve Chair Jerome Powell

Jerome Powell

Jerome Hayden “Jay” Powell is an American attorney and investment banker who has served since 2018 as the 16th chair of the Federal Reserve

Finance

speech on Friday, which could be a game-changer. Investors will analyze his words for signals on interest rate policy. Powell has maintained a cautious stance, indicating no rush to cut rates. If he hints at aggressive rate cuts, the dollar could weaken, boosting BTC. However, a hawkish tone focused on inflation control might increase borrowing costs, pressuring Bitcoin.

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Key Events

The Consumer Credit report on Friday will reveal borrowing trends in the US. December saw a $40.85 billion credit surge, indicating strong consumer confidence. A sharp rise could reduce Bitcoin’s appeal as disposable income flows elsewhere. However, a slowdown in borrowing could highlight financial caution, strengthening Bitcoin’s store-of-value narrative.

Bitcoin’s Current Position

As of now, Bitcoin trades above $92,000, having gained over 8% since Monday’s session opened. With these economic events approaching, market volatility is inevitable. Whether BTC moves higher or faces resistance depends on how these data points shape investor sentiment.