Macro Data to Determine Bitcoin’s Direction This Week

Bullet Points:
• Bitcoin price declined slightly on Monday after nearing the resistance at $24,000.
• Macro factors will be the key drivers for Bitcoin and other asset prices.
• Consumer confidence, Fed decision, and NFP data will be in focus this week.

The price of Bitcoin saw a slight decline on Monday after reaching near resistance at $24,000. This price pullback comes as investors and traders have started to focus more closely on the macroeconomic data and events coming up in the US this week. The key driver for Bitcoin and other asset prices this week will be the consumer confidence, Fed decision, and NFP data.

The Conference Board will publish the consumer confidence data for January on Tuesday, and economic forecasters believe that the figure should continue to rise, since inflation has been easing. Following the consumer confidence data will be the first FOMC decision of the year, which is expected to be an extremely hawkish tone in order to reduce the enthusiasm among investors and traders. Historically, crypto prices tend to rally in periods of easy money policies, so an extremely hawkish tone could be bearish for the price of Bitcoin.

The NFP data, which is due on Thursday, will also play a major role in dictating the direction of the markets. The NFP data is an important indicator of the labor market, and any significant changes could have a direct impact on the price of Bitcoin. Additionally, traders will be closely watching the Fed decision to gauge the central bank’s outlook on the economy and its monetary policy.

Overall, the macroeconomic data and events this week will be key factors that will determine the direction of the markets, and Bitcoin, in the coming days. Traders and investors will be closely monitoring the consumer confidence data, the Fed decision, and the NFP data to get a better idea of where the markets are headed.