– Crypto markets are likely to see a spike in volatility this week after a silent weekend.
– The failed attempts from bulls and bears suggest that BTC could continue to move sideways.
– The US CPI could induce a short-lived volatility spike if the Fed’s decision veers off the expected course.
Not many interesting developments occurred over the weekend, but this week could see a spike in volatility.Why? Despite the sell signals on Bitcoin’s weekly chart, the bears have failed to knock the price lower.This failed attempt at a correction could become costly for short sellers in the near future.
Also read:
Bitcoin Weekly Forecast: Short-term holders add 1.12 million BTC, what does this mean?
BTC/USDT 1-week chart
Macroeconomics’ influence on crypto wanes
Macroeconomic events had a major impact on the crypto markets in 2021 and 2022, and since 2023, this effect has waned.A major event like the US Consumer Price Index (CPI) coming up on Wednesday at 12:30 GMT would have had short-term implications on Bitcoin price, but considering the recent activity, crypto markets will likely remain unaffected.
Also read:
US Dollar strength could be one of the reasons why Bitcoin could crash more
Regardless, the CME Group FedWatch Tool shows that there is a 95.4% odds that the interest rates will remain unchanged at the current 5.25% to 5.50% range in the Fed’s May meeting.
CME FedWatch Tool
Crypto events this week
Tuesday, April 9:
– Mina Protocol (MINA) Devnet Upgrade
Wednesday, April 10:
– US CPI
– SUI Base camp
– Binance Coin (BNB) Pawnee Hard Fork
– Stark “Influence” game pre-release
Friday, April 12:
– Aptos (APT) $400 million unlock
Top 3 Reads
Bitcoin price tags $69K as BlackRock enhances Wall Street’s presence in BTC market Ethereum Layer 2 chains see nearly 32 million transactions per week after Dencun upgrade XRP price ranges below $0.60 despite Ripple stablecoin launch announcement
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