The upcoming week is crucial for Bitcoin ($BTC), as the United States Consumer Price Index (CPI) is set to be released. Bitcoin’s price has encountered a significant hurdle in breaking through the $30,000 resistance zone. Despite attempting to do so, BTC was met with a rejection near $29,750, resulting in a fresh decline. 

As a consequence, Bitcoin’s price has witnessed a clear move below both the $29,200 and $29,000 levels. The cryptocurrency is currently trading near the critical $28,000 support level, and its future trajectory remains uncertain.

A big week ahead for $BTC with US CPI. Five of the last six US CPI readings have come in softer or in line with market expectations, which has seen bitcoin rally in the minutes succeeding the data. A fall in US inflation below expectations could drive $BTC back to $30k this week.

— Josh Gilbert (@JoshGilbert_) May 8, 2023

Recent trends have shown that in five out of the last six CPI readings, the results were either in line with or lower than the market’s expectations. Interestingly, following these readings, Bitcoin witnessed a surge in value in the immediate aftermath. However, if the upcoming US inflation data falls below market expectations, it could potentially lead to a decline in Bitcoin’s price, possibly taking it further down. Overall, this week is expected to be a crucial one for the markets, with these key events potentially influencing the direction of the market.

Keep an eye on these events this week

This week, investors will be keeping a close eye on several significant events, including the release of critical economic data. On Wednesday, the CPI’s inflation data is set to be announced, followed by the Producer Price Index (PPI) inflation data on Thursday, alongside the jobless claims data. Furthermore, on Friday, the Consumer Sentiment data is set to be released, providing additional insights into the state of the US economy.

Key Events This Week:

1. CPI inflation data – Wednesday

2. PPI inflation data – Thursday

3. Jobless claims data – Thursday

4. Consumer sentiment data – Friday

5. Total of 4 Fed speakers this week

6. Last big week of Q1 earnings

RT & LIKE if you enjoy these weekly previews!

— The Kobeissi Letter (@KobeissiLetter) May 7, 2023

In addition to the economic data, investors will be monitoring four Federal Reserve speakers who are scheduled to provide commentary throughout the week. As Q1 nears, this week is also the last week of earnings reports, with investors eagerly anticipating the results of several major companies.

At the time of writing, Bitcoin is hovering above the $28k level.

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• Source: https://coinpedia.org/bitcoin/bitcoin-live-news-top-keyevents-that-will-determine-the-btc-price-trajectory-this-week/