Important economic data set to be released this week, along with key speeches, could affect the price of Bitcoin and the overall crypto market trajectory.
Top Events Potentially Affecting Bitcoin Price
Here are the crucial events that could affect Bitcoin's price this week: 1. Bank of Canada will announce the interest rate resolution. 2. US initial jobless claims for the week will be revealed. 3. US ADP employment data for August is set to be released. 4. The US Fed will release the beige book on economic conditions. 5. The US unemployment rate for August will be revealed. 6. US Fed official speeches will take place this week.
Current Bitcoin Price
At the moment of writing this article, Bitcoin is trading above $57,000, down by almost 1% in the past 24 hours. According to data from Greeks.live, the weak crypto market is not a surprise as, according to previous historical data, September has always been more pessimistic. Bitcoin recorded price drops between 2% and 19% during previous years. Now, BTC kicked off September with a 1.27% price drop according to official data.
Crypto Market Outlook
The crypto market is weak at the beginning of this month, and investor confidence is severely low, with IVs relatively stable across all major terms. Also, mid to long-term IVs continue to fall back slightly and the short-term IVs see a rebound. Options trading moves closer to the US election, with options IV for November 8 expiration significantly higher than other terms. Regarding the crypto interest rate market, the Bitfinex interest rate market is relatively calm, and the right interest orders can be actively traded.
These economic events and speeches this week could significantly affect Bitcoin's price and the overall crypto market trend. Investors should take these factors into account when making decisions.
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