Bitcoin (BTC) Price Recovery Hangs in the Balance as Jerome Powell's Testimony, Jobless Claims, and CPI Data Await

The crypto markets have turned green as the Bitcoin price reclaimed levels above $57,000 after hitting the interim bottoms at around $54,200.

Bitcoin price rose from the levels of $ 54,200 in intermediate positions and reached the green zones again despite the weekly declines and meanwhile reached 57,000. regained dollar price levels. Market sentiment is currently bullish, indicating optimism about the price movements ahead. Meanwhile, BTC price will show high volatility in the coming days and it may rise above the $60,000 levels or fall below the $55,000 levels.

Is BTC Price Reversal Still Doubtful?

Broad financial markets have always had an impact on crypto markets since their inception. In particular, the FOMC, CPI rates, PPI and others played a large role in determining the next course of action. Even though the intensity decreases, the price undergoes a large change for a short period of time. Several economic events are lined up in the coming days that could greatly impact the price of Bitcoin.

Jerome Powell's Testimony

Federal Reserve Chairman Jerome Powell will deliver his semi-annual monetary policy testimony to Congress next Tuesday and Wednesday. Therefore, it is believed that his comments on inflation, interest rates and the general state of the economy will affect the broad markets along with cryptos.

Unemployment Claims and CPI Data

The USA will announce the unemployment claims report and June Consumer Price Index (CPI) data next week. These numbers provide a clear picture of the health of the economy, which could influence the Fed's future decisions. Looking back, the BTC price varies greatly on this issue, which will be released on Thursday.

Global Macro Events

Other global macro events, such as speeches by Fed Vice Chairman Barr, Treasury Secretary Yellen, and the release of US and China CPI and PPI data, will also affect the Bitcoin price. , indirectly affecting market sentiment and the overall economic outlook.

This looks like a busy week for the crypto space, especially the Bitcoin price rally. The token looks quite motivated ahead of the upcoming events as it hovers in and out of the $57,000 price levels. The headliner crypto continued to rise throughout the week and faced major selling pressure over the weekend. If a similar trend occurs this time, the bulls are expected to get stuck near $60,000 as the bears may drop the BTC price more harshly and drop to $55,000 if a negative trade occurs.

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