2023-6-19 10:00 |
The Bitcoin and crypto markets have had a blockbuster week. The US Federal Reserve’s interest rate decision and BlackRock’s application for a Bitcoin spot ETF were the defining events of the past week.
The week ahead could also hold some decisive events in store. From a macro data perspective, the week is somewhat quieter, but of great importance will be Fed Chairman Jerome Powell’s testimonies before the US Senate and House of Representatives on Wednesday and Thursday, June 21 and 22.
At 10:00 a.m. EST on both days, Powell will face questions from Democratic and Republican politicians. The questions will focus on the Fed’s recent monetary and interest rate policy decisions. Traditionally, Powell’s remarks in the Senate and House of Representatives are closely watched by the stock market.
The often critical comments and questions from US policymakers regarding inflation, banking problems, future economic risks in the US and other issues such as problems in the US housing sector and corporate lending could put Powell on the spot and tease out some interesting statements. During the hearings, investors can expect increased volatility in the equity as well as Bitcoin and crypto markets.
The most relevant macro data this week will come out on Friday, June 23, when the US Purchasing Managers Index (PMI) for the services sector will be released at 9:45 am EST. Last, the final numbers for the month of May came in at 54.9, again below the expert expectations of 54.1.
However, despite slight declines, the service sector continues to outperform the US manufacturing sector. Only if the analysts’ estimate of 54.0 is missed significantly is a negative impact on the financial markets to be expected. Analysts would interpret this as a signal of a cooling US economy. Meanwhile, reaching or exceeding the projection could increase the likelihood of a further decline in inflation in the coming months.
Bitcoin And Crypto Related Events This WeekApart from the Fed and economic data, crypto-related events could also have a major impact on prices in the upcoming week. Thus, more positive news on the US Securities and Exchange Commission’s (SEC) proceedings against crypto exchanges Binance and Coinbase could provide further upside potential.
In addition, a decision by Judge Analisa Torres in the legal battle between Ripple Labs and the SEC could come any day. A Ripple victory could have huge implications for the entire crypto market, especially if she comments on secondary market transactions of crypto assets such as XRP in the ruling.
Last but not least, particular attention is set to be paid to the leading cryptocurrency, Bitcoin. Now that BlackRock has filed for its spot ETF, it is rumoured that fellow financial giant Fidelity will follow suit and also file for a BlackRock-style spot ETF.
This bullish news could be crucial in lifting Bitcoin above the 200-week moving average (MA) once again. The analysts at Rekt Capital note:
#BTC has rallied straight into the 200-week MA. Turn the MA into new resistance and BTC would achieve two-step breakdown confirmation. This would likely precede additional downside.
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