Key Takeaways
- Retail sales, the FOMC decision, and jobless claims could influence Bitcoin's price.
- A 50 bps rate cut may increase market volatility, affecting Bitcoin, according to analysts.
- Thursday's unemployment data could prompt interest in Bitcoin as a hedge.
Amid Bitcoin’s current trading range of $57,000 to $60,000, traders are paying close attention to three major US economic events that could impact prices this week.
US Retail Sales:
The Census Bureau will release retail sales data on Tuesday, a crucial measure of consumer spending. July saw a surprising 1% increase in sales, boosting market confidence.
If August data shows similar strength, Bitcoin could benefit as investors turn to riskier assets, according to BeInCrypto.
FOMC Interest Rate Decision:
On Wednesday, the Federal Open Market Committee (FOMC) will announce its interest rate decision.
Market participants expect either a 25 or 50 basis point (bps) cut, with a 50 bps reduction possibly causing higher volatility in Bitcoin markets.
JPMorgan supports a larger cut, while analysts generally anticipate a smaller reduction.
US Unemployment Claims:
Thursday’s unemployment report will shed light on the labor market.
While job openings have dropped and unemployment remains low at 4.2%, a rise in jobless claims could signal economic trouble, prompting some investors to turn to Bitcoin as a hedge.
