Employment news, inflation, and meetings of economic entities could influence the price of the digital asset. Bitcoin is about to enter a historically bullish month. There are high positive expectations for Bitcoin in the last quarter of 2024.
This week will be packed with various reports and events from the financial world that could affect investors’ operations. Depending on how these data are perceived, we may see their impact on asset prices, including bitcoin (BTC) and cryptocurrencies.
First, on Monday, September 30, a speech by Jerome Powell, chairman of the Federal Reserve (Fed) of the United States, is expected. This will take place at 1:55 PM in Nashville, Tennessee, during the annual meeting of the National Association for Business Economics (NABE).
If Powell delivers an optimistic view of the U.S. economy, the markets could be motivated to continue rising. The last time he gave such a message, as reported by CriptoNoticias, was two weeks ago after the interest rate cut established for the first time in over four years.
Below, the performance of bitcoin’s price can be seen since the announcement of such monetary policy, which increased liquidity for the markets.
However, it is essential to consider that due to the slowdown in the labor market in the economic powerhouse, markets are sensitive to recession risks. Therefore, if Powell emphasizes this aspect, risk demand could be affected.
In addition to Powell’s speech, it is crucial to note the manufacturing report from the Institute for Supply Management (ISM) that will be published on Tuesday, October 1.
This report, along with U.S. employment data and the Consumer Price Index (CPI) in the eurozone, which will be released on the same day, will provide signals about the state of the economy.
Furthermore, there will be more key points throughout the week related to employment status.
On Wednesday, October 2, non-farm employment data will be released; on Thursday, October 3, the number of unemployment claims; and on Friday, October 4, the labor market report for September.
Meanwhile, with the recent start of autumn in the northern hemisphere, a historically bullish season for the markets, positive expectations are brewing. October has proven to be the month when Bitcoin has closed positively most frequently.
This outlook fuels expectations that the digital currency will break out of the sideways range it has been in for six months since reaching a new all-time high price. Therefore, it will be crucial for economic developments to support this, making upcoming data on the matter particularly relevant.