Is Bitcoin Making a Comeback This Week?

Bitcoin (BTC) surged to $64,000 over the weekend, climbing higher and faster than we have seen this token do in a while. That is encouraging for those hoping to see Bitcoin hit $100,000 this year.

Currently, Bitcoin is sitting at $64,005 (BTC/USD), right on the line between $64K and $63K. The coin gained 12% in two days in what has been amazing progress for the coin, but do not forget that the token recently dropped down to its lowest point in about two months. Even though it is one the upswing, it is coming out of a bearish trend that may be hard to break free from completely.

The same factors that caused Bitcoin to fall so low could rear their head again soon and bring it back down. This is the concern for investors who are expecting great things from Bitcoin this year but who are worried that a lot of its early 2024 momentum has diminished.

Bitcoin is still contending with a timid market amid high inflation rates. That will keep Bitcoin back from going as high as it could this year.

Bitcoin Movement Factors This Week

There are a few upcoming meetings and reports scheduled this week that could affect Bitcoin, and they directly relate to the US economy and inflation.

Look out for FOMC chair members speaking this week, and they may talk about US inflation and interest rate cuts, as well as the state of the economy.

Also to come are reports for unemployment, nonfarm employment rate changes, and average hourly earnings. These will all indicate to some degree just where inflation and the economy are at and whether things are looking up or getting worse.

If these reports show increased inflation, then Bitcoin is going to struggle to hit $70,000 and will continue to find a resistance level there.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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