Key U.S. Events This Week To Watch Out: Will BTC Break the $100K Mark?

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This week is packed with major economic events that could impact Bitcoin’s price and overall market sentiment. With crucial data releases and several Federal Reserve speeches lined up, traders and investors should stay alert for possible market swings.

Feb 25: Consumer Confidence in Focus

The first major event to watch is the CB Consumer Confidence report shows how people feel about the economy. If confidence rises, investors may move towards more risks, like Bitcoin. 

But if it drops, it might trigger caution and lead to a pullback. However, January’s report was 109.5, while February is expected to fall to 105.7.

Feb 26: Housing Market & Nvidia Earnings

Midweek, two key updates will grab attention. The January New Home Sales report will offer insights into the health of the housing market, an important factor in overall economic stability. 

Meanwhile, all eyes will be on Nvidia’s earnings report. Given the company’s massive role in AI and tech stocks, strong results could lift the broader market, potentially benefiting Bitcoin and other cryptocurrencies.

Feb 27: US GDP Report

The highly anticipated US Q4 2024 GDP data will be released on Thursday. A strong reading could boost confidence in the economy, pushing investors toward riskier assets. However, if the GDP figure comes in lower than expected, it might raise concerns about an economic slowdown, leading to increased volatility in the crypto market.

Feb 28: Inflation Data & Fed Watch

To wrap up the week, the Personal Consumption Expenditures (PCE) inflation report one of the Federal Reserve’s preferred inflation gauges will be in focus. If inflation remains stubbornly high, it could influence future interest rate decisions, impacting investor sentiment toward Bitcoin and other risk assets.

All Weeks Fed Speeches

Throughout the week, a total of 10 Federal Reserve officials are scheduled to speak. Their statements on inflation, interest rates, and economic conditions could drive market movements. Any hints about future monetary policy could have a direct impact on Bitcoin’s price action.

Bitcoin’s Struggles Continue: Will It Break?

However, for the past three weeks, bitcoin has been struggling to break above the $100k mark. As of now, Bitcoin is consolidating, around $95,890, down 1% in the past 24 hours.

The key challenge is the $97,000 resistance, which lines up with the 50-day EMA. A breakout above this level could spark a strong rally, while rejection may lead to a drop.

If Bitcoin pushes past $97,000, it could aim for $98,500 and even the major $100,000 mark. But if it fails, a pullback to $95,000 is likely, with further downside potential to $93,500 or even $92,000.