Bitcoin To Face Tough Week Ahead; Here’s Why

Bitcoin News: The global digital asset market registered a minor pullback on Monday as Bitcoin (BTC), the world’s largest crypto price declined by more than 2%. However, more volatility for BTC is expected ahead as the first week of May holds several keys meeting.

Also Read: Troubled First Republic Bank Gets A Buyer; Will Crypto Market Rally?

Will Markets Slide Ahead Of Major Week?

The market is expected to receive the Institute of Supply Management (ISM)’s Manufacturing Purchasing Managers’ Index (PMI) data. As per reports, ISM Manufacturing PMI is expected to depict weakness. While it is expected to remain around 46.8.

The Federal Reserve of the United States will be releasing interest rates on Wednesday. Fed Chairman Powell will make the announcement on May 3. It is expected that the agency might raise interest rates by 25 basis points. However, if this hike took place then it will be the agency’s tenth consecutive raise.

The FOMC meeting stands vital as markets may turn volatile if the authority decides to go for a hike. Meanwhile, this will signal the final rate hike for this cycle encouraging investors to enter the market.

Also Read: Bitcoin Poised To Hit $1 Million; Arthur Hayes Drops This Signal

It is important to note that this meeting will take just one day after the crucial buyout deal of the First Republic Bank. Read More Bitcoin News Here…

On May 5, 2023, Thursday, European Central Bank will make a statement. Experts expect a 25 bps hike. However, a 50bps hike is still in the scenario as the ECB is struggling to calm the pressure of inflation.

May 6, 2023, will come with the crucial U.S. Jobs data. It is expected that the unemployment rate to reach 3.6% with a surge as fewer jobs were added than the previous month.

Also Read: Bitcoin Bull Run Imminent? Hong Kong Central Bank Issues Crypto Advisory For Banks

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.