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- On February 28, the Conference Board (CB) is expected to release fresh data on US consumer confidence for the month of January.
- Another event that can have a massive impact on the crypto market is the ISM Manufacturing Purchasing Managers’ Index (PMI) for the US expected on March 1.
Last week was a dramatic one as the world’s largest stock index, the S&P 500, recorded its worst daily loss in the trading year 2023 with Bitcoin falling by 4 percent in the last seven days. In the last 24 hours, Bitcoin has surged marginally by 0.77 percent, and some events expected this week could have a huge impact on the next price movement.
Events that could impact the Bitcoin price
Today, February 27, would be the publication day for the final figures for the US Durable Goods Orders. According to experts, there could be a slight increase of 0.1 percentage points. In the previous year, incoming orders were expected to be +2.6 percent, but +5.6 percent was recorded. In the period under review, -4.0 percent is expected. If incoming orders drop significantly as predicted, the US dollar would be affected negatively. It is also important to note that the stock market usually records a bullish run whenever the incoming orders are positive.
On February 28, the Conference Board (CB) is expected to release fresh data on US consumer confidence for the month of January. Last month, the level of optimism about the US economy was 107.1, below the expectations of 109.0. Analysts expect the February level of optimism to hit 108.5. Once this expectation is met, the US dollar index (DXY) could keep surging and could have a negative impact on the crypto market. When the figure falls short of the analysts’ prediction, there would be an increased probability of recession in the US.
Would investors be motivated to buy BTC?
Another event that can have a massive impact on the crypto market is the ISM Manufacturing Purchasing Managers’ Index (PMI) for the US expected on March 1. A value of 48.0 is expected by analysts for February. The Institute for Supply Management in the USA came up with 47.0, but despite falling short of the analysts’ prediction, the crypto market saw a mini rally. The reason has been linked to the correction of the US dollar index. A better index value could also put pressure on the US stock markets. This is because there would be an increased probability of another interest rate hike.
On March 3, the ISM purchasing managers’ index (PMI) for the service sector would be presented. The data for the Purchasing Managers’ Index for January was 55.2, above the 50.4 forecasted value. This made the US dollar gain a significant value. However, the stock and crypto markets saw a moderate decline.
For February, experts are expecting a slight decline to 54.5. When this target is met, the US dollar index could continue its bullish recovery and put the stock and Bitcoin market under pressure. If the service sector is weakened, there will be an impression that the US economy is cooling down. However, it is unsure whether this could encourage investors to buy Bitcoin. Regardless, the US Federal Reserve would welcome the weakness and it could increase the probability that the level of inflation may fall.
