Bitcoin’s price has recently surged back above $64,000, creating a wave of optimism that the anticipated ‘Uptober’ rally may commence soon. This week, various macroeconomic indicators are slated for release that could influence the cryptocurrency market significantly.
Key Economic Indicators to Monitor as Bitcoin Reaches $64,000
This week’s crucial economic updates include the retail sales data for September, due on October 17. This statistic, reflecting consumer demand for goods, is vital for understanding the health of the US economy and helps the Federal Reserve make decisions about interest rates.
On the same day, the Philly Fed manufacturing data will be available, which assesses growth within the manufacturing sector. Following that, the September housing starts figures will be announced on October 18. All these economic metrics are critical, especially given the ongoing speculation about whether the Fed will implement rate cuts of 25 or 50 basis points, or maintain the current rates.
It’s also important to pay attention to 11 scheduled speeches by Federal Reserve officials this week. Notably, Governor Christopher Waller will speak on October 14, and Governor Adriana Kugler on October 15, both of which may reveal the Fed’s current monetary policy stance ahead of the upcoming FOMC meeting in November.
Moreover, several S&P 500 companies, notably major financial institutions like Morgan Stanley, Goldman Sachs, and Citigroup, will report their earnings this week. Since Bitcoin often correlates with the stock market, favorable earnings could signal a positive outlook for Bitcoin and the larger cryptocurrency market.
Future Outlook for Bitcoin Following $64,000 Surge
With Bitcoin’s price recently touching $64,000, many are speculating whether this signifies a return to bullish trends. According to crypto analyst Ali Martinez, Bitcoin will need to surpass $66,000 to indicate a definitive bullish reversal.
Martinez suggests that Bitcoin may temporarily rise to $66,000 before revisiting levels under $60,000 and potentially retracing to around $57,000, afterwards aiming for a breakout towards $78,000. Achieving $78,000 would establish a new all-time high for Bitcoin, surpassing its current peak of $73,000.
Another analyst, CrediBULL Crypto, cautions that it may not yet be prudent to adopt a bullish stance on Bitcoin. He anticipates that Bitcoin could dip below $50,000 before it rallies to new all-time highs.
As of now, Bitcoin is trading around $63,900, reflecting an increase of nearly 2% over the past day, according to data from CoinMarketCap.
