Bitcoin (BTC) has had a strong phase and the price remains in an uptrend. Shortly before the weekend, the price even briefly rose above $38,000.
Enthusiasm about a possible spot Bitcoin ETF or exchange fund in the US remains high and fears of a recession appear to be on hold. Whether we can actually avoid a recession remains to be seen, and next Thursday and Friday could give us more clarity on that.
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Crucial days for Bitcoin
We begin on Thursday with the monthly growth of the gross domestic product of the United States. This is said to have increased by 0.1 percent last month. Barring major setbacks, this won’t do much for the price.
More important is the Core PCE Price Index, the Federal Reserve’s most popular inflation indicator.
Consumer Price Index (CPI) inflation expectations are rising for the next 12 months and 5 years. For this reason, it is particularly important that the core PCE price index continues to decline.
We then conclude on Friday with the ISM Manufacturing PMI and ISM Manufacturing Prices. The PMI in particular is important for the economy. It is expected to reach 47.7, a small increase from last week’s 46.7.
Any value below 50 basically means that part of the economy is shrinking. In this case, American industry.
What does this all mean for the Bitcoin price?
It remains to be hoped that there will be no recession in the Bitcoin price, as that would break the positive momentum of the past period. That would be a huge shame because we can get by with one spot Bitcoin ETF and the next halving You may see some peculiarities of digital currency. In this respect, it is becoming increasingly important for Bitcoin to keep an eye on macroeconomic developments.
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