Week Ahead: Crypto market outlook could set to change after stale weekend
- 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
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Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
