Bitcoin price surge activity is currently intensifying as traders focus on three key US economic signals this week. The surge in Bitcoin prices is driven by expectations of a Fed rate cut, and the impact on potential US government shutdowns and the strong crypto ETF inflows, whose assets are the highest ever territory of Bitcoin.
Federal Reserve officials are scheduled to speak throughout the week, with FOMC minutes from the September fee reduction meeting scheduled to be released Wednesday at 2pm. Market participants are analyzing how Fed rate cuts actually affect the ongoing surge in Bitcoin prices, particularly as Bitcoin has recently hit a Bitcoin record high of $125,506.00.
Major US economic events affecting Bitcoin’s short-term outlook
The combination of traditional banking concerns and the strengths of the crypto market has now created several unique terms of transaction. Traders are monitoring both the impact on the US government’s closures on data releases and the ongoing influx of crypto ETFs that have supported recent pricing measures.
One analyst said this:
“Last week’s strong finish at Crypto is not only BTC, but also ETH over 4,500. This week, we have FOMC minutes, basically on Wednesday, but these don’t include economic forecasts, so it doesn’t really affect the market.”
Fed speakers and economic data
Several Federal Reserve officials have spoken this week, with Chairman Jerome Powell scheduled to make a statement Thursday morning. Economists are closely looking at unemployment claims data data as an early economic indicator scheduled for Thursday.
Market analyst Kurt S. Altrichter said:
“The unemployment claim is the economy’s early warning system. First warning: 260K – Recession risk: 300K+ on average over four weeks. Crossing these lines, the labor market has historically shifted from health to contracts.
The interaction between the expectations of Fed rate reduction and the influx of crypto ETFs continues to support the surge in Bitcoin prices, and traders also position potential volatility in these scheduled events.
Bitcoin price action
Bitcoin’s recent Bitcoin Attime High is found in traders assessing whether the impact of the US government closure could actually affect momentum. At the time of writing, the assets are above $123,000, and the influx of Crypto ETFs remains strong as they continue to have institutional benefits.
