Bitcoin breaks through 64,000, major financial events will happen this week
At around 11 o'clock this morning (14th), Bitcoin suddenly rose by more than 1,500 points, reaching a high of $64,530, and rose again to a high of $64,867 at the time of writing, with an intraday increase of 2.68%.
(CoinDesk) Market Director and Senior Analyst Omkar Godbole believes that Bitcoin’s surge today has allowed it to break through the downward trend line resistance on September 27 and October 7, when the Chinese stock market surged and the U.S. dollar index also strengthened .
Godbole pointed out that after breaking through the trend line, it means that the short-term callback trend has ended, but Bitcoin may still return to the $62,000 to $63,000 range. Investors can pay more attention to the $62,000 support level. If it falls below this point, it may further fell to the $60,000 mark.
Source: Bitcoin daily trend chart analyzed by CoinDeskOmkar Godbole
6 major financial events to watch this week
Although today's rising trend has given Bitcoin a good start this week, as the US earnings season begins and the cryptocurrency market is highly sensitive to macroeconomics, investors still need to pay close attention to major economic data. with events.
Based on the compilation of well-known financial media (The Kobeissi Letter) and other foreign media, the main financial events this week are as follows (the following are all in Taiwan time):
1. OPEC crude oil monthly report: 10/14 19:00
OPEC's monthly crude oil report released on Monday will attract much attention. The report comprehensively analyzes global oil market trends, covering key factors such as demand, supply and market balance.
Notably, OPEC in its September report lowered its demand growth forecast for 2024 and 2025, to 2 million barrels per day and 1.7 million barrels per day, respectively.
However, recent economic stimulus measures in China and geopolitical tensions may affect these forecasts, and markets will be closely watching this week's report to see whether forecasts are revised in response to these changes.
2. September retail sales data: 10/17 20:30
U.S. retail sales data for September will provide more evidence of a soft landing for the economy, following a strong jobs report at the start of the month. The data is an important indicator of overall consumer spending, and the dollar usually moves higher if it's higher than expected and lower if it's not.
Analysts expect overall retail sales to rise 0.3% in September, with sales excluding cars expected to rise 0.2%. The retail control group expects a 0.3% month-on-month increase, unchanged from August.
3. Philadelphia Fed manufacturing data: 10/17 20:30
Philadelphia Fed manufacturing data is an important indicator of manufacturing activity in the Third Federal Reserve District and is provided by 250 companies located in the region.
Data for September showed an improvement in manufacturing activity, rising to 1.7 from -7 in August. Analysts predict that the October data may further climb to around 3.0, indicating that manufacturing activity is expected to continue to rebound.
Manufacturing is seen as a barometer of the overall economy, and a strong report could boost confidence across multiple industries and potentially push stocks higher.
4. New housing starts data in September: 10/18 20:30
U.S. housing starts data for September released this week is an important leading indicator for the real estate industry. Builders' confidence in the housing market has improved as mortgage rates have begun to fall.
New housing starts data will show whether new home construction continues to grow and will also have an important impact on the U.S. dollar exchange rate. A higher than expected rate may cause the dollar to strengthen, while a lower than expected rate may cause the dollar to weaken.
5. There are 11 Fed speaker events this week
There will be speeches by a number of Fed officials this week, including Christopher Waller, Mary Daly, Adriana Kugler, Austan Goolsbee and Kashkari (Neel Kashkari) and others, their speeches will provide the market with important clues about the U.S. economic outlook and monetary policy direction.
Investors will need to pay close attention to these statements for any signs that may influence interest rate decisions.
6. During the U.S. earnings season, more corporate financial reports will be made public.
About 10% of the S&P 500 index companies will announce quarterly financial reports this week, including large companies in industries such as finance, technology and healthcare. This will provide investors with important insights into the current operating conditions and future prospects of each industry, which is worth The following company financial reports are of concern:
Tuesday (10/15): Goldman Sachs, Citigroup, UnitedHealth Group, Johnson & Johnson and other companies
Wednesday (10/16): Financial institutions such as Morgan Stanley and Bank of America
Thursday (10/17): TSMC and Netflix and other technology companies
Friday (10/18): Procter & Gamble and American Express and other companies
Important data from China and Japan will also appear
In addition to U.S. economic data and events, investors also need to pay attention to the impact of the Chinese and Japanese markets on the macro economy. The following are important events this week:
10/18 7:30: Japan will release core CPI data, with the previous value at 2.8% and the forecast value at 2.3%.
10/18: China will release the third quarter GDP annual growth rate, as well as important economic data on industrial production, unemployment rate, and retail sales.
The above economic events and data will provide investors with valuable market signals, which may not only affect the fluctuations of risky assets including Bitcoin, but also help understand current economic trends and formulate investment strategies. If you are a "macro investor" , you need to pay close attention.
