Dollar

Value

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/economic-data-affects-bitcoins-value" data-wpel-link="internal" rel="noopener noreferrer nofollow">Economic Data Affects Bitcoin’s Value</a><br></p>
<p style="text-align: justify">This week holds significant implications for <a href="https://en.bitcoinhaber.net/bitcoin-adjusts-downward-as-block-reward-halving-draws-near" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and the Dollar Index as US economic <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> is poised to influence both. The upcoming US Manufacturing Purchasing Managers’ Index (PMI) will be a crucial determinant of the dollar’s trend. A lower PMI reading could signal a weaker dollar, which might result in an uptick for Bitcoin (BTC) and other risky assets.</p>
<h2 id="bitcoin-s-recent-downturn">Bitcoin’s Recent Downturn</h2>
<p style="text-align: justify">Over the past week, Bitcoin has seen a value drop of more than 10%, primarily due to the stabilization of the dollar index and Bitcoin’s muted response. The persistent two-month weakening of the dollar is now at a crossroads, contingent upon this week’s economic data releases. Should the dollar weaken further, it could create a favorable environment for cryptocurrencies and other risky assets.</p>
<h2 id="what-to-expect-from-friday-s-data">What to Expect from Friday’s Data?</h2>
<p style="text-align: justify">Critical non-farm payroll data is set to be released this Friday, adding more weight to this week’s economic developments. ING analysts anticipate the unemployment rate to decrease to 4.2% with the addition of 165,000 new jobs. If these numbers fall short, the dollar could weaken further, presenting a potential opportunity for Bitcoin to gain.</p>
<h2 id="user-usable-inferences">User-Usable Inferences</h2>
<p style="text-align: justify">– Monitor Tuesday’s PMI data; a weaker-than-expected PMI could weaken the dollar and boost Bitcoin.<br> – Pay attention to Friday’s non-farm payroll data; weaker job growth could also weaken the dollar.<br> – Be aware of the MACD indicator; it suggests a potential downtrend for Bitcoin to the $56,000 level.<br> – Stay updated on US economic data releases to anticipate <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> movements.</p>
<p style="text-align: justify">From a technical standpoint, Bitcoin must navigate this crucial period cautiously. The MACD indicator signals a strengthening downtrend, possibly driving Bitcoin down to the $56,000 mark. Investors should closely monitor forthcoming US economic data and exercise caution regarding potential market fluctuations.</p>
<p style="text-align: justify">This week’s US economic data will be vital in shaping Bitcoin’s near-term performance. A declining dollar could benefit risky assets, but market uncertainties and unexpected economic outcomes could lead to price volatility in Bitcoin.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/economic-data-affects-bitcoins-value" data-wpel-link="internal" rel="noopener noreferrer nofollow">Economic Data Affects Bitcoin’s Value</a></h5>

Economic Data Affects Bitcoin’s Value

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