This Week In Bitcoin And Crypto: Key Dates That Will Impact Prices

Jake Simmons

2 years ago

3 mins read

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After eight consecutive red daily candlesticks, the Bitcoin price ended the day yesterday (Sunday) with a green daily candle. The Bitcoin and crypto market is entering a week that, while not a macro blockbuster week, could still be trend-setting for the crypto market. Friday in particular could once again be the most important day of the week.

Last week, the US Dollar Index (DXY) bounced up from a historically important support level, putting significant pressure on the Bitcoin and crypto markets. Weaker-than-expected consumer expectations, waning US consumer confidence and sticky core inflation boosted the DXY, which will remain a key focus this week.

Key Dates For Bitcoin And Crypto This Week

On Tuesday 16th at 8:30 am EST, the US Census Bureau will release the final figures for US Retail Sales for the month of April. The final figure for March was -0.6%, well below the forecast of -0.4%. For April, consumer sentiment is forecast to rebound by 0.7%.

Strong consumer spending is seen as supportive for the DXY and could accelerate the rally. On the other hand, if the reading falls short of the forecast, it will indicate that consumers remain reluctant to spend. Accordingly, the DXY is expected to consolidate again, providing a tailwind for Bitcoin and crypto prices.

On Wednesday the 17th at 8:30 am EST, the Census Bureau will release the preliminary figures for US building permits for April. Recently, the US stock market and subsequently the Bitcoin price reacted positively to the better-than-expected housing data.

At 1.430 million, the number of new housing permits issued in April was slightly above forecasts. If the expectation of 1.430 million permits issued is exceeded again, this could be another catalyst for the market.

A day later, on Thursday the 18th (8:30 am EST), the Philadelphia Fed will release its latest manufacturing index. The Philly Fed manufacturing index is considered a leading indicator for the all-important ISM purchasing managers index and could therefore be important for the broader financial market.

If the index comes in below forecasts of -19.0 for the fourth month in a row, the bearish reaction in the financial market is likely to repeat itself as it did last month. An above-forecast reading, on the other hand, would be bullish as it would reduce the likelihood of a recession in the near future.

Friday the 19th is the most important day of the week, as Federal Reserve Chairman Jerome Powell will step in front of the cameras at 5:00 pm EST and could provide new information on the Fed’s interest rate and monetary policy stance in the coming months. Market volatility is likely to increase. Notably, 14 Fed members are scheduled to speak this week, each with a different perspective.

You can't make this up, here the Fed members speaking this week:

1. Bostic – Monday
2. Kashkari – Monday
3. Barkin – Monday
4. Cook – Monday
5. Mester – Tuesday
6. Bostic – Tuesday
7. Barr – Tuesday
8. Logan – Tuesday
9. Jefferson – Thursday
10. Barr – Thursday
11. Logan -…

— The Kobeissi Letter (@KobeissiLetter) May 14, 2023

DXY Down, BTC Up?

As far as the DXY is concerned, a decision may soon be imminent. As technical analyst Gert van Lagen explains, the DXY could be due for a head-and-shoulders reversal similar to that seen in 2020/2021 – but this time it is signaling a downtrend rather than an uptrend.

#DXY – Head and Shoulders reversals:

'20-'21:
1. H&S bottom under red downtrend
2. Right shoulder through downtrend, above SMA 200
3. Pullback (yellow circle)

'22-'23:
1. H&S top above green uptrend
2. Right shoulder through uptrend, below SMA 200
3. Pullback (yellow circle) pic.twitter.com/KDkStTMLh3

— Gert van Lagen (@GertvanLagen) May 12, 2023

As NewsBTC chief analyst Tony Spilotro recently shared on Twitter, the reversal of the DXY in late 2020 marked the beginning of the Bitcoin bull run. Whether history repeats itself remains to be seen.

This looks like a repeat of 2020 minus a pandemic

DXY vs #Bitcoin comparison pic.twitter.com/imSzY8aVrW

— Tony "The Bull" Severino, CMT (@tonythebullBTC) May 8, 2023

At press time, the Bitcoin price rallied to $27,500 while the DXY showed a slight pullback from 102.752 to 102.559.

Featured image from iStock, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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