CPI Data, Jerome Powell, Ethereum ETFs: What Bitcoin Traders Are Watching This Week

Bitcoin BTC/USD traders are hopeful that macroeconomic data could extend the relief rally and halt the crypto king’s recent slide below $60,000.

What Happened: Crypto analyst Michaёl van de Poppe predicted a positive week for Bitcoin in his latest post, pointing to several catalysts:

• Fed chair Jerome Powell testifying on policy
• New CPI & PPI data impacting yields and the DXY
• A possible launch of Ethereum ETH/USD on July 15.

Trader Capo Of Crypto tweeted that he remains bullish for the next few weeks, especially on altcoins. He cited factors like selling pressure from the German government being absorbed. Regarding Ethereum ETF approvals, he noted all spot Ethereum ETF applicants filed updated S-1s and VanEck & 21Shares officially filed 19b-4s for spot Solana ETFs.

Also Read: What Technical Analysis Says About Bitcoin’s Latest Dump

Why It Matters: With the recent volatility in crypto markets, new macro data could influence cryptocurrency markets, possibly reversing the bearish start to the month.

Social media traders expect a good CPI print to further fuel the rally:

$BTC update:

50% of the wick filled + bounce!🔨

Good start of the week so far. If we manage to hold this low until Thursday, I'll suspect that they might have a good CPI surprise prepared for us. We'll see.

You can trade here to access the Indicator: https://t.co/vp3GHIeNxB https://t.co/dWXdHcfcsS pic.twitter.com/dSpsPzAsY3

— CrypNuevo 🔨 (@CrypNuevo) July 8, 2024

On the latest inflation data, Bitcoin prices surged by 4% above the $69,000 mark, as annualized CPI rose by 3.3%, slightly below both the previous month's 3.4% and analysts' forecasts.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• ‘Line In The Sand’ Will Make Or Break Bitcoin’s Bull Market, Top Traders Say

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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