Price Analysis

Bitcoin Recovering Hard: Here Are the Factors That May Have a Huge Impact on the BTC Price Rally This Week!

The crypto markets have turned green as the Bitcoin price reclaimed levels above $57,000 after hitting the interim bottoms at around $54,200. The market sentiments, which have turned bullish right now, indicate optimism about the next price action. Therefore, the BTC price is expected to remain highly volatile in the coming days, which may even elevate the levels above $60,000 or slash back the levels below $55,000. 

Why BTC price Recovery is Still Under The Cloud?

The broader financial markets have always had an impact on the crypto markets since the beginning. Majorly, the FOMC, CPI rates, PPI and a few more have had a major role in determining the next plan of action. Although the intensity has dropped the price undergoes major change for a short time frame. Below are a couple of economic events which are lined up in the coming days which may heavily impact the price of Bitcoin. 

Jerome Powell’s Testimony 

The Federal Reserve Chairman, Jerome Powell is set to deliver his semi-annual monetary policy testimony before Congress on coming Tuesday & Wednesday. Hence, his comments on inflation, interest rates and the overall state of the economy are believed to impact the broader markets along with cryptos. 

Jobless Claims and CPI data

The state of the US is scheduled to release its jobless claims report and the Consumer Price Index (CPI) data for June. These numbers give an exact picture of the economy’s health which could influence the Fed’s future decisions. History says BTC price varies heavily on this day which is about to be released this Thursday. 

Global Macro Events

Other global macro events, such as speeches by Fed Vice Chairman Barr, Treasury Sec. Yellen, and the release of U.S. and China CPI & PPI, may also influence Bitcoin’s price indirectly by affecting market sentiment and the overall economic outlook. 

This sounds like a busy week for the crypto space, specifically for the Bitcoin price rally. The token, which is hovering in and out of $57,000, appears to be highly motivated ahead of the upcoming events. The star crypto remained elevated throughout the week and faced massive selling pressure during the weekend. If a similar trend occurs this time, the bulls are expected to be trapped close to $60,000 as the bears may slash the BTC price harder, close to $55,000, if a negative trade plays out. 

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