3 Macro Events That Could Move Bitcoin This Week

Crypto markets are quiet to start the week with Bitcoin hovering near $64,700. Total market capitalization stays around $2.3 trillion as traders look for clues on the next major price move. While prices remain trapped between $62,000 support and $65,000 resistance, external forces are starting to build pressure.

Geopolitical tension continues to influence global markets, as oil prices climb toward $90 for Brent crude. Investors are also watching the US economy closely after recent inflation data suggested a cooling trend. Most analysts expect the Federal Reserve to keep interest rates steady at the next meeting on July 29, which could provide a stable backdrop for risk assets.

Three main events stand out for traders this week. First, look for the ADP employment numbers on Tuesday to gauge labor market health. Second, major tech earnings from companies like Tesla and Alphabet on Wednesday will test investor appetite for risk. Finally, the S&P Global Manufacturing PMI reports on Friday will provide insight into whether the economy is slowing down.

For now, Bitcoin remains in a tight range above its 200 week moving average. Market participants are waiting for a breakout to confirm a new direction. Until then, expect choppy movement as the market reacts to these upcoming economic indicators.