24.02.2025 14:02
Bitcoin (BTC) and the cryptocurrency market are focusing on critical economic data this week. Speeches from officials of the United States Federal Reserve (Fed), reports that will gauge the pulse of the U.S. economy, and Nvidia's earnings announcement are important developments that will be closely monitored. The leading cryptocurrency, Bitcoin, has been stabilizing around the $100,000 level that it has tested for the past three weeks.
This week, global macroeconomic data will provide direction. From the CB Consumer Confidence Index to the PCE inflation report, and from housing market data to GDP figures, many important indicators will shape the price of Bitcoin. In addition to the earnings report to be announced by technology giant Nvidia, the speeches of ten Fed officials are also on the market's radar.
A Critical Week Begins for Bitcoin's $100,000 Test
The price of Bitcoin is currently trading at $95,890. The cryptocurrency, which has lost 1% in value over the last 24 hours, has a key resistance level at $97,000. This level coincides with the 50-day EMA, an important indicator in technical analysis.
The economic calendar indicates a busy week ahead. The CB Consumer Confidence report is expected to decline from 109.5 in January to 105.7 in February. This drop could affect investor risk appetite.
The January New Home Sales report and Nvidia's earnings announcement are also among the developments that the markets will closely monitor. Especially Nvidia's leading role in the artificial intelligence and technology sector may cause the company's results to impact the cryptocurrency markets as well.
A breakout above the critical resistance level of $97,000 for Bitcoin could trigger a strong upward trend. In this case, targets could be set at $98,500 and then at the psychological resistance level of $100,000. If the resistance cannot be broken, support levels of $95,000, $93,500, and $92,000 come into play.