Volatile Week for Bitcoin and Crypto Ahead: Save These Dates

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A businessman consults a crystal ball to predict the future.

The Bitcoin and crypto market is seeing a steeper correction since last Wednesday, shaking off the bullish sentiment of the past few weeks. While Bitcoin’s 1-week chart still looks very bullish as long as the price remains above $25,000, the market is near the critical zone on the 1-day chart.

Any divergence below $26,800 could signify a change in trend on a daily basis. On the upside, the $27,800 area is critically important. If this level is breached, the uptrend might resume sooner than expected by the bears. Over the coming week, several events and data are in place that could determine a trend direction.

This will be important for Bitcoin and Crypto

Tomorrow, Tuesday, April 25, The Conference Board will release the latest U.S. Consumer Confidence figures for March at 10:00 a.m. (EST). The previous month, consumer confidence came in at 104.2, well above expectations of 101.0.

In recent months, strong consumer data has been viewed positively by the crypto market. Therefore, an overshoot of expectations should have a slight positive impact on Bitcoin. Low consumer confidence could be a sign of an impending recession and therefore signify a growing correction in the crypto market.

On Thursday, April 27, U.S. Gross Domestic Product (GDP) figures for the first quarter of trade in 2023 will be released in advance at 8:30 a.m. EST. Recently, weak data has led to a price correction in both the stock market and the crypto market.

The initial GDP estimate is 2.0%, well below the final data for the fourth quarter of 2022 (2.6%). If the forecast is confirmed, the financial market should follow a downward trend for fear of an imminent recession. Exceeding the estimate, on the other hand, could trigger bullish momentum for Bitcoin and crypto.

However, the most crucial macro data point comes at the end of the week. On Friday, April 28 at 8:30 a.m. (EST), the Bureau of Economic Analysis will release Core Personal Consumption Expenditure (BCE) for March.

February core PCE was +0.3% on a monthly basis, below the +0.4% forecast. For March, analysts expect an unchanged increase of +0.3%. On an annualized basis (YoY), the forecast is for an increase of 4.5%, compared to 4.6% last month (forecast: 4.7%).

If the base PCE turns out to be higher, it will be bearish and likely weigh on the crypto market. On the other hand, if the underlying inflation rate increases less, like the previous month, a bullish reaction can be expected. The price of Bitcoin should benefit from the continued decline in inflation rates.

Meanwhile, crypto podcaster Tony Edwards issued another warning. According to him, the biggest crypto critic in all of Washington DC, Elizabeth Warren, could introduce an anti-crypto law that supposedly has no chance of success, but could still shock the market for now.

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I have been told that the corrupt @SenWarren will soon release a major anti-crypto bill. Although I don’t think it will be adopted, it could have an impact on the market. It could happen this week.

Keep fighting! contact your representatives, tweet, make content etc.

Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) April 23, 2023

At press time, Bitcoin price stood at $27,669, struggling to break through the resistance zone around $28,800.

BTC price, 4 hour chart | Source: BTCUSD on TradingView.com

Featured image from iStock, chart from TradingView.com

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