• 17 July, 2024

Various economically crucial events are scheduled to take place in the near future that could potentially impact the price of Bitcoin (BTC). Events like the PMI Index, the recent S&P 500 performance, the Conference Board, U.S. Durable Goods Orders, etc. do impact the BTC price.

Come February 28, the Conference Board (CB) would publish the new U.S. consumer confidence data for January 2023. The cryptocurrency market will also feel the impact of the ISM Manufacturing Purchasing Managers’ Index (PMI) data for the U.S. come March 1.

While the S&P 500 performed poorly last week as it recorded its worst daily loss for 2023, BTC fell by 4% over the last week. In the preceding 24 hours, the price of Bitcoin has soared by a mere 0.77%.

The U.S. Durable Goods Orders’ final figures are set to be published on February 27. Per market analysts, it could rise by 0.1% points. While incoming orders were anticipated to be +2.6% in 2022, those actually stood to be +5.6%.

While -4.0% is expected in the said period, a considerable drop in the incoming orders could have an adverse effect on the U.S. dollar. Remember, the stock market tends to record a bullish run with positive incoming orders.

In January, the optimism for the U.S. economy stood at 107.1, while it was expected to be 109.0. As for February, analysts anticipate the level of optimism to reach 108.5. If it happens, the U.S. dollar index (DXY) might continue to get higher, while the crypto market might feel a negative impact. If it does not meet the prediction of analysts, a recession in the U.S. might ensue.

The ISM Manufacturing PMI for February, set to release on March 1 for the U.S., is expected by analysts to be 48.0. While the USA’s Institute for Supply Management (ISM) expects it to be 47.0, it couldn’t meet the prediction of analysts, while the crypto market rallied just a little bit. 

Per market analysts, the correction is due to the US dollar index. If this index performs well, it could lead to an increase in the interest rate, adversely impacting the U.S. stock markets.

The ISM purchasing managers’ index (PMI) for the service sector is set to be published on March 3. While for January the PMI stood to be 55.2, it was forecasted to be 50.4.

As a result, the U.S. dollar value rose drastically, but the stock and crypto markets declined in moderation. Per experts, it is expected to be 54.5 for February, making the U.S. dollar index soar, putting pressure on BTC and the stock market.

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