4 things that could move Bitcoin price this week

Cryptocurrency markets remained in a tight range over the weekend, with volatility decreasing, but that may be about to change.

Retail sales and manufacturing reports will be released this week. They are often used as indicators of potential changes in economic conditions and inflation trends.

“Our focus is now on the Fed, elections, geopolitical tensions, and earnings,” Kobeissi Letter commented.

Economic event October 14th to 18th

Last week's CPI rose slightly above expectations, along with a rise in jobless claims, adding to investor confusion about the direction of the U.S. economy.

Furthermore, the FOMC minutes revealed that the majority of interest rate committee members supported a 0.5% rate cut, and the market is currently pricing in a 0.25% rate cut in November.

On Thursday, the September retail sales report will be released, providing information on how much consumers are spending. It is also a leading indicator of economic health and demand-side inflation factors.

However, Global Markets Investors warned that inflation-adjusted retail sales have fallen for the fifth consecutive month and are down about 3% since April 2022.

The industrial production report for September will also be released on Thursday. This data reveals the output of U.S. industries such as manufacturing, mining, and utilities, and is a leading indicator of economic growth.

Confidence among home builders has also been boosted this week by Friday's report on the housing market.

This week's main events:

1. OPEC Monthly Report – Monday

2. September Retail Sales Data – Thursday

3. Philadelphia Fed Manufacturing Data – Thursday

4. September Housing Starts – Friday

5. A total of 11 Fed speaker events were held this week

6. About 10% of S&P 500 companies report earnings…

— Kobeissi Letter (@KobeissiLetter) October 13, 2024

Several Fed officials are scheduled to speak this week, starting with Fed Director Christopher Waller on Monday. San Francisco Fed President Mary Daley and Federal Reserve President Adriana Kugler are also scheduled to speak on Tuesday.

In addition, major banks such as Goldman Sachs, Morgan Stanley, and Citigroup, as well as other top financial companies, are also scheduled to report results this week.

Virtual currency market outlook

The cryptocurrency market has been flat for the past 24 hours and stands at $2.33 trillion at the time of writing. Bitcoin remained mostly flat over the weekend, with Bitcoin remaining within a tight range.

So far, the market is down 5% since the beginning of the month, and there is still no sign that an “uptober” will materialize.

However, Bitcoin briefly topped $64,000 in early Asian trading on Monday morning. The asset remains within its 7-month sideways channel and is currently near the middle of it.

Ethereum traded in a tighter range around the $2,460 level, but followed its big brother to $2,500 on Monday morning.

Most altcoins were in the green this Monday morning, but the gains were minimal as consolidation continued.