Will crypto markets rise or fall following this week's key US economic data?

On April 1, macroeconomic media Kobeissi Letter announced the major events on the busy US economic calendar this week.

As the cryptocurrency market enters another data-heavy week, volatility is on the rise again, with Bitcoin approaching resistance levels at its all-time highs.

A key job market report is due to be released on Friday and Fed Chairman Jerome Powell is scheduled to speak on Wednesday.

Key events this week:

1. ISM Manufacturing PMI Data – Monday

2. JOLT Job Data – Tuesday

3. OPEC Meeting – Wednesday

4. Fed Chairman Powell's speech – Wednesday

5. February Employment Report – Friday

6. There are a total of 14 Fed speaker events this week

A big week starting soon…

— Kobeissi Letter (@KobeissiLetter) March 31, 2024

Economic Calendar

On Monday, April 1, the ISM Manufacturing PMI for March will be released. This Institute for Supply Management report shows business conditions in the U.S. manufacturing sector and, while not directly related to cryptocurrency, is an important indicator of overall economic conditions.

A similar ISM Services PMI report is due to be released on Wednesday. This data focuses on the U.S. services sector, which accounts for more than 70% of GDP.

Friday sees the release of a key employment report that will show how many new jobs were created in the previous month and what percentage of people were actively looking for work during that period.

Central bank policymakers track these reports and changes in numbers closely because they have strong correlations with the overall health of the economy.

Market participants will be watching to see whether Fed Chairman Jerome Powell gives any indication about interest rate policy in a speech on Wednesday.

Additionally, there are 16 Federal Reserve speeches scheduled this week that will be closely watched for possible policy shifts.

On March 20, the US central bank left interest rates unchanged at 5.5%, causing major volatility in markets even though the move was widely expected.

Cryptocurrency Market Outlook

The cryptocurrency market capitalization fell 1% to $2.76 trillion during Monday's morning Asian trading session, very close to its 2024 peak on March 13 but is regaining momentum ahead of the halving.

Bitcoin briefly surpassed $71,000 in late trading on Sunday before dropping back below $69,000, but has since recovered and is currently near $70,000.

Ethereum also had a similar weekend, currently trading at $3,550. Altcoins were generally higher this Monday morning, with Solana, Dogecoin, Toncoin and Bitcoin Cash seeing notable gains.