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- Bitcoin is expected to react to some events scheduled this week.
- ISM Purchasing Managers’ Index (PMI) for the US manufacturing sector for March would be announced today.
Bitcoin is currently in a bullish sentiment with a current price of $28,377.72. In the last seven days, the asset has surged by 1.66 percent. Interestingly, the price can be massively impacted by some events expected to happen this week.
Today, the ISM Purchasing Managers’ Index (PMI) for the US manufacturing sector for March is expected to be released. According to reports, experts are expecting a sustained reduction to 47.5. The index for the previous month was expected to be 48.0, but the actual index recorded was 47.7. Consolidation on the US stock markets is expected if the purchasing managers’ index corrects again. When the manufacturing sector stabilizes and records above the experts’ expectations, the US stocks could continue their bullish run. This could also be the fate of Bitcoin.
JOLTS jobs report, PMI, and NFP figures can affect the Bitcoin price
Another event that could impact the crypto price is the JOLTS jobs report for the month of March. This is expected to be presented on April 4. It is estimated that there could be 10.4 million vacancies. 10.82 million vacancies were recorded in the previous calculation of the period. This was said to be 200,000 fewer than the February figures.
Analysts have always been very pessimistic in the forecast since October 2022. Once the number of vacancies published is below expectation, it could be that the economic slowdown predicted by some experts has finally hit the US economy. The probability of an economic downturn in the second quarter could be imminent when the situation in the job market deteriorates. When the JOLTS report turns out to be weak, there may be renewed price setbacks in the US stock indices. This may put the crypto prices under more pressure. Also, when US companies create more jobs than the forecast, the US stock indices trend could see a bullish continuation.
On April 5, The latest Purchasing Managers’ Indices (PMI) for the US services sector would be released. The February figures were 55.1 and were above the experts’ expectation of 54.5. The service sector which is said to have been robust sent the US stock market northward. Once the 54.5 expectation is exceeded, investors would continue to rate this positively, and could be a huge benefit to the stock and the crypto market.
However, if the figure falls below the expectation, it could indicate that the US economy is cooling down. Interestingly, it could be very difficult to predict the effects on Bitcoin and other cryptos. Problems in the service sector could also increase the likelihood of inflation falling further in the coming months.
On April 7, the US non-farm payrolls (NFP) figures for the month of March are expected to be presented. Experts estimate 213,000 newly created jobs, which is below the February data. The financial market is expected to react positively when the expectation is exceeded. In addition, the US unemployment rate for March will be published, and experts predict 3.6 percentage points.
While Bitcoin has all it takes to hit $40k in the week, its price movement would largely depend on how the market reacts to the events.
