'Biggest week of the year' — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts one of the most important macro weeks of the year in a precarious position below $17,000.
After its latest weekly close, BTC/USD showed little upward momentum prior to the Dec. 12 Wall Street open.
With volatility yet to appear, the largest cryptocurrency continues to trade in a narrow range, and analysts are increasingly impatient for new catalysts.
These, they agree, should come in the next few days — United States economic data is due, and its content and impact on economic policy will likely have a significant impact on crypto markets.
Elsewhere, the uneasy status quo continues — Bitcoin miners are struggling, sentiment lacks inspiration and traders are increasingly drawing comparisons to the pits of previous bear markets.
Where could BTC price action head in the coming week? Cointelegraph takes a look at five factors set to influence trajectory.
The phrase on everyone’s lips this week is Consumer Price Index (CPI) — the key measure of consumer prices inflation in the U.S.
While coming every month, the latest CPI print, due Dec. 13 for the month of November, has additional importance for the market. With two weeks to go until the end of the year, the chances of a risk asset “Santa rally,” for instance, now hang in the balance.
It is not just the CPI report itself; the Federal Reserve's Federal Open Market Committee (FOMC) will decide on rate hikes this week, and Chair Jerome Powell will deliver a speech that market commentators will scrutinize for signs of policy change.
“CPI Report Tuesday, FED rate hikes and JPow speaks on Wednesday. Stay tuned for volatility,” on-chain analytics resource Material Indicators summarized at the weekend.
Popular trader MisterSpread added that further decisions outside the
Read more on cointelegraph.com
