Bitcoin beats Amazon again on a more aesthetic than concrete criterion, but which is still a sign of the excellent moment of the crypto market more generally and of $BTC in particular. The weekend brought good advice and the reopening of Asian markets saw Bitcoin recover another 2%, placing itself again close to its highs.
Same path for Ethereum and the rest of the sector, for a week that despite historically low volumes and important macro data we will have tomorrow, opens under the best of stars.
A week that opens with the sun
Few expected it – and perhaps for this reason, Bitcoin and crypto found relatively free rein for this further rise, which came partly during the weekend, partly at the reopening of Asian markets, also accompanied by some enthusiasm.
Bitcoin trades above $122,000, just a step away from its new all-time high. Ethereum pushes above $4,300, again recovering a step towards its maximum.
Overall good situation also on the altcoin front, a sign that we are facing a more general increase in risk appetite, driven also by macro circumstances that seem to be favorable for the markets.
Macro conditions that however will need to be validated during a week that will see the release of some quite important data.
Tuesday, 14:30: US inflation
On Tuesday, August 12 at 14:30, there will be the monthly appointment with the reading of inflation data. It will be an important reading, because inflation continues to be one of the major concerns for the Federal Reserve and to date the biggest obstacle to the much-desired interest rate cuts.
The forecasts
Here you find the market expectations and the previous reading on classic CPI inflation and Core, with the latter being more important than the former.
There are expectations of a slight increase compared to the previous reading, in line with the Federal Reserve's projections.
What would the markets prefer? They would prefer a weaker reading and thus lower, closer to the 2% target.
It will still be a non-decisive data point. Before the next FOMC meeting, we will indeed have another reading, that of September, and equally important data coming from the labor market.
It is important to remember that this is not the type of inflation data that the Fed considers most important, preferring the PCE.
Close to the release of the data, it will still be necessary to pay a lot of attention, because historically the markets accompany these appointments with greater volatility.
The other data of the week
For the rest, it will be a week not too dense with appointments. Thursday will be the time for US PPI and also for unemployment data.
On Friday, however, important data will come from Japan: when it's 1:50 AM in Italy, we will indeed have the GDP reading, which sees expectations, albeit modest, of growth.
