If we look at the data of the last 7 days in the crypto market, there has been stability in the prices of Bitcoin after a rise of 10.37 percent. Due to the announcements of Strategy, 21Shares, and Coinbase, there was a rise in Bitcoin, and the price of Bitcoin reached $95,700. In such a situation, investors felt that the phase of Bull Run had started once again, but within 7 days,
The movement of Bitcoin was seen to slow down, and there are indications that the price of Bitcoin may stabilize for some time. In such a situation, the next 7 days are considered to be very special for Bitcoin. Actually, in these 7 days themselves, many US economic reports are going to be presented, which can affect Bitcoin. However, the good news for crypto investors is that two bills have been passed to create a crypto reserve in the US state of Arizona.
These major American reports will come in the next 7 days
- Core PCE Report (April 30 ): Core personal consumption expenditure (PCE) data may indicate changes in US inflation. If inflation is higher than expected, it may put pressure on risk assets like bitcoin.
- ISM PMI Report (May 1): This report related to the manufacturing sector in America can reveal how strong the American manufacturing sector is. Weak data can create fear in the market, which can make investors cautious.
- JOLTS and Jobs Report (April 29 and May 2): This report will indicate labor demand. This report, which shows the strength or weakness of the labor market, can determine the direction of the market. If job opportunities decrease in America, then investors may avoid taking the risk of investing in Bitcoin. This report may indicate an economic recession.
What are the signals being received in the crypto market right now?
For the last 7 days, Bitcoin has been trading in a limited range, i.e., between $93,000 to $95,500. In such a situation, investors are eyeing all the US reports to be presented in the next few days, which can give economic indications. In such a situation, if the data comes as per the market’s expectations, then Bitcoin may rise once again.
Talking about last week, a decrease in spot purchases has been observed. Apart from the $1.42 billion Bitcoin investment made by Strategy on April 28, no major announcement was made. Apart from this, the impact of America’s tariff war can be seen on manufacturing and jobs, due to which investors have become cautious.
Bitcoin’s price is showing signs of stability after a 10.37 percent rise in the last seven days. However, several US economic reports coming this week may determine the direction of Bitcoin. If these reports are as per market expectations, then Bitcoin may rise again, but weak data may also lead to a slowdown. In such a situation, investors have to be cautious keeping in mind these reports. Volatility may continue in the crypto market this week.