Written by Hazel J. Greene, Senior Analyst

As the Bitcoin and crypto market remains stagnant, investors are eagerly anticipating potential catalysts that could break the current stalemate. In the week ahead, several macroeconomic events and technical indicators are poised to influence the market’s direction. Here are five must-watch events that crypto enthusiasts and investors should closely monitor:

#1 FOMC And Interest Rate Decision By The Fed (Wednesday, July 26)

The most crucial event of the week is the Federal Reserve’s interest rate decision, scheduled to be announced on Wednesday. While the market expects a 25 basis points rate hike, the focus will be on Fed Chairman Jerome Powell’s speech, as it may provide valuable insights into the central bank’s future monetary policy. Powell’s statements during the press conference could act as a potential catalyst for a market breakout.

#2 Q2 2023 US GDP Data (Thursday, July 27)

The release of the US Gross Domestic Product (GDP) data for the second quarter of 2023 will be closely watched. This data will offer a comprehensive overview of the country’s economic performance during that period. A strong GDP figure may boost market sentiment, while weaker-than-expected results could raise concerns and potentially lead to increased market volatility.

#3 PCE Inflation Data (Friday, July 28)

The US Personal Consumption Expenditures (PCE) price index, a crucial gauge of inflation preferred by the Federal Reserve, will be published. An unexpected increase in the PCE inflation data could be a cause for concern in financial markets, while any surprises to the downside may impact the markets negatively. The focus will chiefly be on core inflation data, with a drop to 4.2% expected for July.

#4 Earnings Season In The US

This week, the reporting season in the US reaches its peak as major tech giants such as Microsoft, Alphabet, and Meta (Facebook’s parent company) announce their quarterly figures. The performance of these companies could influence the overall sentiment of investors and subsequently impact the crypto market. Positive corporate earnings may uplift investor sentiment, but disappointing figures could lead to cautiousness in the crypto space.

#5 Bitcoin And Crypto Bollinger Bands

In addition to macroeconomic events, it is essential to consider technical indicators within the Bitcoin and crypto market. Bitcoin’s weekly Bollinger Bands have reached historically tight levels, which often indicate an imminent price move. Ethereum’s one-week Bollinger Bands are also at their tightest levels in history. These tight ranges suggest the potential for a significant price movement, urging investors to remain vigilant.

While the crypto market remains within a tight range, many are anticipating a potential breakout in either direction. As of now, Bitcoin continues to trade around $29,859, near the lower end of the 4-week range. With the upcoming events and technical indicators in play, the market’s direction in the week ahead holds significant importance for crypto enthusiasts and investors alike.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.