Bitcoin (BTC) begins this week at $58,898, reflecting an increase from the previous week’s $54,992. Traders should focus on the next higher resistance levels at $60,346 and $62,145, while keeping an eye on the lower support levels at $58,892 and $57,438. These levels, identified using Fibonacci indicators, are crucial for anticipating potential price movements.
Market-Moving Events to Watch for This Week
- September 17: U.S. Core Retail Sales & Retail Sales (MoM). Forecasts for Core Retail Sales and Retail Sales stand at 0.3% and 0.2%, respectively, compared to previous figures of 0.4% and 1.0%. Retail sales data offers insight into consumer spending and economic health. Underperforming sales may indicate a slowing economy, prompting expectations for a more dovish Fed approach, which could increase Bitcoin’s appeal as investors look for alternative assets. Conversely, stronger sales figures might dampen Bitcoin’s attractiveness as they point to economic resilience, reducing the likelihood of aggressive monetary easing.
- September 18: U.S. FOMC Meeting – Interest Rate Decision, Projections, and Press Conference. The Federal Reserve is expected to cut the interest rate from 5.50% to 5.25%. This meeting is crucial as it could set the tone for the economic outlook. A dovish stance, indicating a rate cut or future cuts, may weaken the dollar, thereby potentially boosting Bitcoin as investors seek a hedge against inflation. On the contrary, if the Fed adopts a hawkish tone, suggesting limited rate cuts, the dollar may strengthen, which could put downward pressure on Bitcoin as investors turn to more stable returns.
- September 18: U.K. & Eurozone CPI (YoY). The forecasts for GBP CPI and EUR CPI are 2.2% and 2.6%, respectively. Inflation data is pivotal as it impacts central bank policies. If CPI figures exceed expectations, it might pressure central banks to consider rate hikes, which could weigh on Bitcoin as risk assets become less attractive. On the other hand, CPI numbers below forecasts could alleviate pressure on central banks to tighten monetary policy, potentially favoring Bitcoin as investors might expect prolonged accommodative financial environments.
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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.
