Bitcoin (BTC) starts this week at $63,768, marking a rise from last Monday’s $58,605. The next higher resistance levels are $65,319 and $70,124. Meanwhile, the lower supports are $62,346 and $59,944. These levels are crucial for traders using Fibonacci indicators to predict potential price movements.
Market-Moving Events to Watch for This Week
- August 27: Euro Area – German GDP (QoQ) (Q2) – Forecast/Previous: -0.1% / -0.1%. The German economy is pivotal in the Eurozone. A weaker-than-expected GDP reading could highlight broader economic weaknesses in Europe. This may affect global risk sentiment, leading investors to seek safer or alternative assets like Bitcoin.
- August 29: USA – GDP (QoQ) (Q2) – Forecast/Previous: 2.8% / 2.8%. The U.S. GDP affects the USD and risk assets, including Bitcoin. A positive surprise with a stronger-than-expected GDP might strengthen the dollar, which could weigh on Bitcoin. Conversely, a negative surprise might enhance Bitcoin’s appeal as a hedge against economic uncertainty.
- August 29: USA – Initial Jobless Claims – Forecast/Previous: 234K / 232K. An increase in jobless claims might indicate a weakening job market, possibly signaling underlying economic issues. This could boost demand for Bitcoin as a non-correlated asset, attracting investors looking for alternatives to traditional investments.
- August 30: Euro Area – CPI (YoY) (Aug) – Forecast/Previous: 2.2% / 2.6%. Inflation data is crucial for ECB policy expectations. Lower-than-expected inflation could lead to a more dovish stance from the ECB, potentially weakening the euro. This might indirectly affect Bitcoin through the EUR/USD exchange rate.
- August 30: USA – Core PCE Price Index (YoY) (Jul) – Forecast/Previous: 2.6% / 2.6%. This index is the Federal Reserve’s preferred gauge of inflation. Higher-than-expected inflation might prompt the Fed to reconsider or slow down its upcoming rate cut policy, possibly strengthening the dollar and pressuring Bitcoin. Conversely, lower inflation would support Bitcoin by suggesting a looser monetary policy ahead.
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Disclaimer
It’s important to note that the information provided is not intended as financial advice. The views expressed here solely represent the writer’s opinion based on the outlined market events. As with any investment, conduct thorough research and consider personal circumstances before making decisions in the volatile world of cryptocurrencies.
