Bitcoin is currently trading at$BTC
$106,400, showing a 1.2% increase over the past 24 hours. The recent surge is attributed to the announcement of a ceasefire between Israel and Iran, easing geopolitical tensions and boosting risk sentiment. However, the crypto market remains volatile, with traders eyeing key US economic events that could trigger significant market moves ¹.
Key Events to Watch:
- Jerome Powell's Testimony: Federal Reserve Chair Jerome Powell's speech could directly impact crypto prices, depending on whether he adopts a hawkish, dovish, or neutral tone.
- Jobless Claims: Initial US jobless claims are expected to slightly increase to 247,000, which could signal economic weakness and trigger a positive reaction in Bitcoin if the numbers are higher than expected.
- PCE Inflation Index: The Fed's preferred inflation metric could drive significant volatility across cryptocurrencies ².
Market Sentiment:
- Bitcoin's dominance is flat at 64.5%, while high Binance inflows may reflect profit-taking or panic selling by retail investors, contributing to downward pressure.
- Institutional demand remains firm, with BlackRock's spot Bitcoin ETF surpassing $70 billion in assets under management ¹ ³.