Let’s take a look at Bitcoin’s price action before giving the events that will affect cryptocurrencies. After weeks of sideways trading, Bitcoin has finally shown signs of meeting bullish expectations. The question on every investor’s mind this week is whether the momentum can be sustained. The volatile nature of the cryptocurrency market, which maintains $30,000 during and after the weekly close, leaves room for unexpected changes and turns.
Macro factors and sentiment of the cryptocurrency Bitcoin
As we approach the end of June, the macroeconomic environment appears relatively standard. Potential risky asset price catalysts are on the horizon. The latest news from Russia seems to have had little impact on market performance elsewhere.
Cryptocurrency Bitcoin is currently in the restocking phase, with fundamentals pointing to a shift from all-time highs. Cryptocurrency Bitcoin sentiment is volatile. Also, $30,000 serves as an important level.
Bitcoin bulls on the defensive at $30,000
Despite the lack of strong momentum, the cryptocurrency Bitcoin bulls are successfully defending the $30,000 level. Now the focus shifts to regaining the $30,500 level. Last week, the BTC/USD pair gained 15.6%. Accordingly, it was one of the best performing weeks of 2023. Traders are watching the resistance levels closely, emphasizing the importance of turning the $31,000 resistance area into support.
Analyst Philip Swift suggests that Bitcoin is at the beginning of a new cycle of speculation. Using the RHODL ratio metric, he observes a shift from hodler-based trading to a speculative instrument. This metric serves as a useful tool for understanding Bitcoin price cycles. It also marks a new breakout at the moment. However, sentiment data suggests caution should be exercised as traders advise against long positions until clearer signals emerge.
Upcoming events that will affect cryptocurrencies
In the coming week, there are a number of important economic events that will significantly affect cryptocurrencies. cryptocoin.comWe provide a breakdown of the important events planned for each day.
Monday, June 26
- At 20:30, ECB President Lagarde will make a speech and explain his views on the outlook of the European Central Bank.
Tuesday, June 27
- The US Building Permits data will be released starting at 15:00 and the market expectation is 1.491 million compared to the previous 1.417 million figure.
- Durable Goods Orders will be released at 15:30 with an expectation of -1.3% after the previous 1.1% reading.
- Housing Price Index (Annual) will be announced at 16:00. Accordingly, estimations come from 3.1%, down from 3.6% in the previous index.
- At 17:00, the CB Consumer Confidence Index will be published. Accordingly, expectations will exceed the previous figure of 102.3 with 104.0. In addition, New Home Sales data will be released. With 657 thousand, the expectation is slightly lower than the previous figure of 683 thousand.
Wednesday, June 28
- Fed Chairman Powell and ECB Chairman Lagarde are scheduled to give a speech at 16:30 each to give information about the views of central banks on the economy.
- Along with the Blockchance 23 Event, the Internet Computer (ICP) Technical Update and AGIX Unlock ($2.5 Million) will also take place.
Thursday, June 29
- Fed Chairman Powell will shed more light on the Federal Reserve’s monetary policy with his 09:30 address.
- At 15:30, the US Gross Domestic Product (GDP) figures will be released. Accordingly, expectations will be 1.4%, slightly above the previous reading of 1.3%. In addition, the Unemployment Benefit Applications for the previous week in the USA will be announced.
Friday, June 30
- The China Manufacturing PMI for the previous period will be available at 04:30. The previous figure was 48.8.
- Euro Zone Core CPI will be announced at 12:00. There is an expectation of 5.5% compared to the previous 5.3% figure.
- At 3:30 PM US Core PCE data will be available. It will point to the previous figure of 4.7%.
- There will also be a $32.9 million OP Token Unlock event.
