This Week's Data Gets Attention, Where Is BTC Heading?


"BTC keeps fluctuating near the same place, when does the price want to make significant movements?"

Shortly after breaking through $70,000, the price of cryptocurrency king Bitcoin (BTC) failed to hold its ground and has fallen back below $69,000 as investors now look to preview some economic reports this week.

Explained further, the release of May ISM Services PMI data released on Wednesday tomorrow will serve as a key indicator of changes in economic conditions which have recently become increasingly uncertain.

The NFP report from the Labor Department's Bureau of Statistics on June 8, 2024 will provide the number of new jobs created in the previous month along with the percentage of relatively active job seekers.

That streak, Wall Street analysts expect 180,000 new jobs to be added and the unemployment rate to remain at 3.9% plus revised US labor market data points to a recession.

However, it should be noted that this week's employment and economic reports are unlikely to have much impact on the crypto market including BTC compared to the release of Consumer Price Index (CPI) data.

According to recent Bitfinex analysts, the correction phase now appears to be almost over as long-term holders have started to accumulate BTC for the first time since December 2023 after continuously selling it.

So here it can be seen that the release of key inflation data and the Federal Reserve (Fed) meeting next week could trigger significant volatility in the price of BTC, commented Arbelos Markets co-founder Joshua Lim.

It is also worth noting that leading crypto trader Peter Brandt has predicted BTC's bull run could push its price to climb between $130,000 and $150,000 by the end of August to the beginning of September 2025.

As of this writing, the price of BTC has surged by 1.06% to $68,027 in the past 24 hours with a market cap of over $1.3 trillion but is still down 0.48% over the past week.