Bitcoin Faces Key Economic Events As Market Awaits U.S. Inflation Data

According to Odaily, Glassnode co-founders Yann Allemann and Jan Happel have reported through their X account, Negentropic, that significant economic events are set to influence market trends this week. On Tuesday, members of the U.S. Federal Open Market Committee (FOMC) are scheduled to speak, and the Federal Reserve Chair will testify. Additionally, U.S. inflation data is expected to be released mid-week, which are pivotal macroeconomic factors impacting the market. Bitcoin is currently attempting to reclaim the price range between $97,200 and $98,500, with a target of reaching $100,000 in the near future. However, until the macroeconomic data becomes clear, price volatility and position liquidations are likely to persist. The co-founders suggest that any market movements before the release of the Consumer Price Index (CPI) data might be misleading, with the true market direction emerging only after the data is published.