The price of Bitcoin (BTC) at the beginning of this week is $62,389, down from last week’s $66,594. The next higher resistance levels are at $64,330 and $66,767. The next lower support levels are observed at $60,386 and $56,442, as determined by Fibonacci indicators.

Market-Moving Events to Watch for This Week

Key macroeconomic events this week may influence Bitcoin prices. Here’s a summary:

  • Tuesday, June 25: USA consumer confidence (Forecast: 100.2). A higher-than-expected reading may signal consumer optimism, potentially supporting Bitcoin prices. A lower-than-expected reading may reflect economic concerns, possibly exerting downward pressure on Bitcoin.
  • Thursday, June 27: USA GDP (QoQ) for Q1 (Forecast: +1.4%). If GDP growth falls short of expectations, it may increase the likelihood of the Fed cutting interest rates, which could positively impact Bitcoin prices. Conversely, stronger-than-expected GDP growth may reduce the chances of a rate cut, potentially limiting Bitcoin’s upside.
  • Thursday, June 27: USA Initial Jobless Claims (Forecast: 240k). Lower-than-expected jobless claims may indicate a strong job market, reducing the likelihood of an interest rate cut and potentially pressuring Bitcoin prices lower. Higher-than-expected jobless claims may suggest economic weakness, increasing the chances of a rate cut, which could boost Bitcoin prices.
  • Friday, June 28: USA Core PCE Price Index (MoM) (May) (Forecast 0.1%). Lower-than-expected inflation may support calls for a rate cut, potentially benefiting Bitcoin. Higher-than-expected inflation may limit the Fed’s ability to cut rates, possibly curbing Bitcoin’s gains.

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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.

Gianluca Longinotti

Written by

Gianluca Longinotti

Gianluca Longinotti is an analyst and consultant with two master's degrees in finance from Université Paris 1 Panthéon-Sorbonne. With several years of experience in banking and IT at Ernst & Young (EY), Gianluca is passionate about economics, finance, and cryptocurrencies, and has written for several publications specializing in the investment industry.