Is Bitcoin About to Fluctuate? Three Factors That May Impact Cryptocurrency Markets This Week

The cryptocurrency market is close to its all-time high of $4 trillion, with altcoins showing strong potential. Last week's US economic data reflected a healthy economy with improved retail sales, decreased jobless claims, and modest core price increases. The upcoming week will bring housing data and PMIs, which typically do not significantly affect the crypto market. Key events include Fed Chair Powell's speech on Tuesday and the release of June's Existing Home Sales data on Wednesday.

Futures markets predict a 95.3% chance of unchanged Federal Reserve rates at the end of July. Tech giants including Google's parent company Alphabet and Tesla will report Q2 earnings this week. Despite a slight retreat, the crypto market has had a bullish year, gaining 17.6% since the start of the year. Bitcoin is currently consolidating around $118,000, while Ethereum is performing well at around $3,744.