Bitcoin price is Back above $64,000Sparking bullish sentiment that the long-awaited “Uptober” rally is set to begin. to be sure Macro events It will happen this week, which market participants should pay attention to as it may impact the cryptocurrency market.
Macro events to watch out for as Bitcoin price hits $64,000
Macro events One thing to watch out for this week is September retail sales data, which will be released on October 17. This measure, which tracks consumer demand for finished goods, is important because it provides insight into the current state of the U.S. economy. This aggregate data also forms part of the information that guides the US Federal Reserve Bank in relation to… Interest rate cuts.
Manufacturing data from the Federal Reserve Bank of Philadelphia will also be released on October 17, which measures how manufacturing businesses are growing. Meanwhile, housing starts data for September will be released on October 18. This economic data is important as there is still uncertainty about whether… The Fed will cut interest rates By 25 or 50 basis points, if at all.
In line with this, it is also necessary to keep an eye on the events that the Fed’s eleven speakers will be holding this week. Fed Governor Christopher Waller is scheduled to deliver his remarks on October 14, while Governor Adriana Kugler will deliver her speech on October 15. These speakers could provide insight into where the Fed currently stands, whether dovish or hawkish, ahead of the FOMC meeting in November.
In addition, some S&P 500 companies, including financial companies such as Morgan Stanley, Goldman Sachs and Citigroup, are scheduled to report earnings this week. grant Bitcoin relationship In the stock market, a positive earnings report for these companies could provide a bullish outlook for the price of Bitcoin and, in turn, for the broader cryptocurrency market.
What’s next for Bitcoin price as it rises to $64,000?
with Bitcoin price Reaching $64,000, there are questions as to whether this means the major cryptocurrency is back in bullish territory. However, based on the cryptanalyst Ali Martinez Analytically, Bitcoin will need to successfully break above the $66,000 level to ensure a bullish reversal occurs.
Martinez believes Bitcoin will likely rebound to $66,000, then fall below $60,000 again and return to $57,000 before breaking toward $78,000. A rise to $78,000 is important because it would represent a New all-time high For the leading cryptocurrency, which has a current ATH of $73,000.
Cryptographic analyzer credipool encryption He also believes that it is not yet time to be optimistic about the price of Bitcoin. he He predicts That BTC could still fall below $50,000 before rising to all-time highs.
At the time of writing, Bitcoin is trading at around $63,900, up roughly 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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