Bitcoin’s Rally Faces a Crucial Week: These 3 Macro Events Could Decide the Next Move

July PCE data, revised second-quarter GDP data, and more major developments are coming next.

After one bitcoin’s most volatile and impressive weeks, the cryptocurrency market has turned its attention to important US macro news to be announced in the next five days.

The analysts at the Kobeissi Letter highlighted several such events scheduled next, but three stand out for the crypto industry: the July PCE inflation report, revised second-quarter GDP data, and the Federal Reserve Chair Kevin Warsh’s highly anticipated appearance at Jackson Hole for the first time.

All Eyes on Wednesday

Monday is expected to be a quiet day, with nothing major scheduled. The data coming on Tuesday will probably not impact crypto, as it’s the August CB consumer confidence data and the July new home sales data. However, it all changes on Wednesday, which will be the busiest day of the week.

The Bureau of Economic Analysis will release July’s Personal Consumption Expenditures (PCE) Price Index and core PCE at 8:30 ET, which remains particularly important as it continues to be the Fed’s preferred measure for assessing underlying inflationary pressures.