This week, Bitcoin is awaiting key economic events in the US that could significantly affect its price. Focus on the Consumer Price Index, Producer Price Index, retail sales data, and initial jobless claims.
Consumer Price Index (CPI)
The CPI is set to be released on August 12. Economists, including those at Goldman Sachs, project a figure around 2.8%, indicating an increase in inflation in July. A figure above this level could strengthen the US dollar and negatively impact the crypto market. Conversely, a result below 2.7% may trigger another crypto rally.
Producer Price Index (PPI)
The PPI is scheduled for release on August 14. Following a 2.3% figure reported in June, a continued increase in this indicator could mean a tighter economic policy moving forward. Such forecasts indicate that producer prices might remain elevated in the near future.
Retail Sales and Initial Jobless Claims
Retail sales data will be published on August 15 and is vital for understanding the US economy, representing about 70% of it. It is expected that July figures will show a 0.5% change. Additionally, initial jobless claims reported 226,000 for the week ending August 2, with economists anticipating a slight rise to 229,000, which could also support Bitcoin's growth.
This week, Bitcoin and other cryptocurrencies may face price fluctuations based on new economic data from the US. These indicators are crucial for understanding market sentiment and consumer activity.
