BTC price Fluctuation, the six major key economic reports this Saturday may become the trend indicator

The possibility of the Fed cutting interest rates remains crucial.

Source: bitcoinst, cryptoslate

Compiled by Blockchain Knight

The continuous decline in the price of BTC demonstrates the increasing volatility and uncertainty in the crypto asset market. With BTC facing greater downward pressure, the market is awaiting a series of key economic reports to be released this week, which may impact price trends.

The market is waiting for key economic reports, and the price of BTC is in jeopardy.

After weeks of strong performance, the recent sharp drop in BTC prices has sparked concerns about further declines and the possibility of a bear market. Starting today, the next few days will be crucial in determining whether BTC can recover from the current bearish market or continue to decline.

Given the current market situation, leading global capital market commentary publication 'The Kobeissi Letter' has outlined on X platform (formerly Twitter) six key economic events that may impact a wider range of financial and Crypto asset markets.

The first event is the Job Openings and Labor Turnover Survey (JOLTS), scheduled to be released on Tuesday, February 11th. This economic data measures the number of job vacancies in the United States. In general, a strong labor market implies economic stability, which may delay further interest rate cuts by the Fed, leading to poor performance of BTC and other digital assets.

The second economic data released on the same day is the Short-Term Energy Outlook report from the U.S. Energy Information Administration (EIA). The report provides information on fuel supply and demand. Although this economic event may not be a direct driver for the crypto asset market, energy costs can affect inflation, which in turn can affect the policies of the Federal Reserve. These policies may have adverse effects or boosting effects on the price of BTC.

The third event scheduled for this Wednesday (February 13) is the Consumer Price Index (CPI) inflation data for February. This economic data measures consumer-level inflation and plays a key role in determining the Fed's future interest rate cuts. If the CPI is higher than expected, it may have a negative impact on BTC, as it would indicate ongoing inflation, potentially delaying monetary easing policies.

The next economic data scheduled for release on Thursday is the weekly jobless claims report. If jobless claims continue to rise, this may indicate a weakening economy, which could increase market expectations of rate cuts, thereby driving up Bitcoin prices.

Another key event launched on the same day is the February Producer Price Index (PPI). This data measures inflation at the wholesale level. A PPI report that exceeds expectations may have a negative impact on BTC and may further exacerbate the decline by reducing the possibility of a near-term rate cut by the Federal Reserve.

The final economic report scheduled for release this week

The market is closely watching the latest reports on major economic events, and Bitcoin faces greater volatility. Its price dropped by 2.28% in just 24 hours. According to CoinMarketCap's data, this pioneering crypto asset has plummeted by 17.22% in the past month, with the price falling to $80,380.

If the upcoming economic report is unfavorable to the market, the BTC price may further plummet, as bearish sentiment could intensify. The last financial report scheduled for release on March 14 (Friday) is the Michigan Consumer Confidence Index, which provides relevant information on consumer confidence levels in the economy.

A decline in consumer confidence may indicate economic uncertainty, which could have a bearish impact on the BTC price, especially if investors turn to safer assets. At the same time, if the bleak consumer confidence exacerbates expectations of a Fed rate cut, it could also support the BTC price.

The trading price of BTC on the 81,768D chart is 1 US dollar|Source: BTCUSDT on Tradingview.com

Standard Chartered Bank's Head of Digital Asset Research, Geoffrey Kendrick, believes that the recent price trend of BTC indicates that, in the current risk-averse market sentiment, BTC, as the leader of Crypto assets, may need sovereign countries to increase their holdings, or for geopolitical situations to become more clear, in order to further rise.

Kendrick pointed out that due to macro uncertainty, BTC still faces the risk of further decline in the short term and needs a major catalyst to resume its upward trend.

He wrote, "The question now is, which will come first: the recovery of risk assets, or bullish news related to BTC, such as sovereign purchases by the United States or other countries."

The possibility of the Fed rate cut remains crucial. If the policy shift occurs faster than expected, it may happen at the Fed's May meeting, which could stabilize the risk market. Currently, the market's expectations for a rate cut in May have risen from 50% to 75%, increasing the likelihood of a policy shift, which could be beneficial for BTC.