This Week In Bitcoin And Crypto: Key Dates That Will Impact Prices
15 May 2023 - 5:15PM
NEWSBTC
After eight consecutive red daily candlesticks, the Bitcoin price
ended the day yesterday (Sunday) with a green daily candle. The
Bitcoin and crypto market is entering a week that, while not a
macro blockbuster week, could still be trend-setting for the crypto
market. Friday in particular could once again be the most important
day of the week. Last week, the US Dollar Index (DXY) bounced up
from a historically important support level, putting significant
pressure on the Bitcoin and crypto markets. Weaker-than-expected
consumer expectations, waning US consumer confidence and sticky
core inflation boosted the DXY, which will remain a key focus this
week. Key Dates For Bitcoin And Crypto This Week On Tuesday 16th at
8:30 am EST, the US Census Bureau will release the final figures
for US Retail Sales for the month of April. The final figure for
March was -0.6%, well below the forecast of -0.4%. For April,
consumer sentiment is forecast to rebound by 0.7%. Strong consumer
spending is seen as supportive for the DXY and could accelerate the
rally. On the other hand, if the reading falls short of the
forecast, it will indicate that consumers remain reluctant to
spend. Accordingly, the DXY is expected to consolidate again,
providing a tailwind for Bitcoin and crypto prices. Related
Reading: Bitcoin Plunges Below $27,000, Which Holder Groups Are
Selling? On Wednesday the 17th at 8:30 am EST, the Census Bureau
will release the preliminary figures for US building permits for
April. Recently, the US stock market and subsequently the Bitcoin
price reacted positively to the better-than-expected housing data.
At 1.430 million, the number of new housing permits issued in April
was slightly above forecasts. If the expectation of 1.430 million
permits issued is exceeded again, this could be another catalyst
for the market. A day later, on Thursday the 18th (8:30 am EST),
the Philadelphia Fed will release its latest manufacturing index.
The Philly Fed manufacturing index is considered a leading
indicator for the all-important ISM purchasing managers index and
could therefore be important for the broader financial market. If
the index comes in below forecasts of -19.0 for the fourth month in
a row, the bearish reaction in the financial market is likely to
repeat itself as it did last month. An above-forecast reading, on
the other hand, would be bullish as it would reduce the likelihood
of a recession in the near future. Related Reading: Lisk Foundation
To Convert 1,000 Bitcoin To ETH, Reason To Worry? Friday the 19th
is the most important day of the week, as Federal Reserve Chairman
Jerome Powell will step in front of the cameras at 5:00 pm EST and
could provide new information on the Fed’s interest rate and
monetary policy stance in the coming months. Market volatility is
likely to increase. Notably, 14 Fed members are scheduled to speak
this week, each with a different perspective. You can't make this
up, here the Fed members speaking this week: 1. Bostic – Monday2.
Kashkari – Monday3. Barkin – Monday4. Cook – Monday5. Mester –
Tuesday6. Bostic – Tuesday7. Barr – Tuesday8. Logan – Tuesday9.
Jefferson – Thursday10. Barr – Thursday11. Logan -… — The Kobeissi
Letter (@KobeissiLetter) May 14, 2023 DXY Down, BTC Up? As far as
the DXY is concerned, a decision may soon be imminent. As technical
analyst Gert van Lagen explains, the DXY could be due for a
head-and-shoulders reversal similar to that seen in 2020/2021 – but
this time it is signaling a downtrend rather than an uptrend. #DXY
– Head and Shoulders reversals: '20-'21:1. H&S bottom under red
downtrend2. Right shoulder through downtrend, above SMA 2003.
Pullback (yellow circle) '22-'23:1. H&S top above green
uptrend2. Right shoulder through uptrend, below SMA 2003. Pullback
(yellow circle) pic.twitter.com/KDkStTMLh3 — Gert van Lagen
(@GertvanLagen) May 12, 2023 As NewsBTC chief analyst Tony Spilotro
recently shared on Twitter, the reversal of the DXY in late 2020
marked the beginning of the Bitcoin bull run. Whether history
repeats itself remains to be seen. This looks like a repeat of 2020
minus a pandemic DXY vs #Bitcoin comparison
pic.twitter.com/imSzY8aVrW — Tony "The Bull" (@tonythebullBTC) May
8, 2023 At press time, the Bitcoin price rallied to $27,500 while
the DXY showed a slight pullback from 102.752 to 102.559. Featured
image from iStock, chart from TradingView.com
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