Key Points
- Important political and economic events this week could affect Bitcoin’s price trajectory.
- BTC is now trading above $54,000.
The crypto market kicks off a new week with lower confidence and an overbought state, according to the latest reports from Greeks.live.
This week, the US Federal Reserve meeting will decide interest rates, and this event, alongside other macro data, a tech event, and politics, could affect Bitcoin and the general crypto market trajectory.
6 Heavyweight Events This Week Potentially Affecting Bitcoin
In a new post on X, Greeks.live highlights the most important events of the week that could affect the trajectory of Bitcoin’s price:
- Apple’s new iPhone 16 series launches today.
- US CPI for August will be released.
- US Presidential candidates Kamala Harris and Donald Trump have their debate.
- US initial jobless claims for the week data will be released.
- ECB will announce the interest rate resolution.
- US University of Michigan Consumer Sentiment for September will be released.
All these important events can affect the overall crypto market trajectory.
Crypto Market Outlook
Greeks.live also noted that the crypto market is weak and investor confidence is very low. All major-term IVs have rallied with short and intermediate-term IVs seeing more significant rallies. According to them, options trading focuses on this week’s Fed rate cut meeting.
At the moment, short and medium-term IVs are at yearly lows.
The Bitfinex interest rate market recently recorded a lot of high interest rate orders, and finding the right interest rate orders can be actively traded, according to Greeks.live.
Bitcoin Trades Above $54,000
Regarding the price of Bitcoin today, the most important digital asset is trading above $54,000, down by 1% today.
After trading at $53,000 yesterday, BTC has been seeing increased volatility in the past 24 hours.
BTC has been down by almost 4% in the past seven days, and it seems that its seasonality is still ongoing in 2024 as well. BTC kicked off September at prices above $58,000.
But, it still remains to be seen how the week’s events might affect the price of BTC.
