Bitcoin faces a hurdle above $43,000 following a decline related to the Federal Reserve's interest rate hike stance. As altcoins weather difficulties, all eyes are on the release of important US economic data from February 5th, as highlighted by Kobeissi Letter, which will influence Bitcoin trends in the coming weeks. there is a possibility.
So what's next for the market? Here's everything you need to know
Important updates on the U.S. economy could be announced Is it a make-or-break event?
These important releases scheduled for Monday and Thursday may not have a major impact on the crypto market, but they are essential economic indicators that reflect broader market sentiment.
On Monday, Fed officials are expected to comment on interest rate decisions made last week. This could have an impact on the crypto market as investors seek insight into central banks' stances.
A dynamic Thursday begins with the release of S&P Services PMI, ISM Nonmanufacturing PMI data, and expected unemployment claims data. These indicators will guide how the market will react in the coming weeks.
But more than half a dozen U.S. central bank members will give speeches, including Neal Kashkari, Loretta Mester, Patrick Harker, Adriana Coogler, Michelle Bowman, Tom Barkin and Laurie Logan. Expect some real firecrackers this week. These talks will provide insight into central bank thinking and how recent economic reports may influence future policy.
What other events and what can we expect?
This week will also focus on Fed Chair Jerome Powell's assertion last week that a March interest rate cut is unlikely as officials seek more evidence of subdued inflation. However, investors are interested in how recent economic data will shape the official position on future interest rate decisions, with the next interest rate decision scheduled for March 20th. Treasury Secretary Janet Yellen will testify before the Senate Banking Committee on Thursday, when she is scheduled to deliver the department's important annual report. Report on financial stability in the United States.
With a lack of big economic reports this week, investors are focused on earnings from major companies in retail, food, auto, entertainment, pharmaceuticals and other industries. Expect updates on the performance of these key industries.
What is the reaction of altcoins?
Sentiment is mixed in the crypto market, with limited action among major altcoins. The market cooled, and total capital fell 1.3% to $1.7 trillion. Bitcoin struggled to break above $43,000, dropping 1.4% to $42,437, while Ethereum was slightly lower at $2,296.92, but trading volume increased 35.20% to $5.8 billion. Other altcoins such as XRP, Solana, and Cardano have experienced similar ups and downs, but without much impact.
