Key Points
- This week, important macroeconomic events can affect Bicoin’s price ahead of the US elections.
- BTC just recorded a price rally, surpassing $68,500.
Bitcoin kicked off the week ahead of the 2024 US elections with a price rally above the important level of $68,000.
At the moment of writing this article, BTC is trading above $68,500, up by over 2% in the past 24 hours.
This week is filled with important macroeconomic data that could affect the coin’s price.
Top Events of the Week, Potentially Affecting BTC Price Trajectory
Greeks.live listed the most important events to watch this week, as the elections in the US are gradually approaching:
- US October ADP Employment data will be released. (October 30)
- US Q3 Real GDP Preliminary annualised Quarterly Rate will be revealed. (October 30)
- Binance Blockchain Week debuts. (October 30)
- Bank of Japan will release interest rate resolution and outlook report. (October 31)
- The US core PCE price index for September will be released. (October 31)
- US initial jobless claims for the week will be out. (October 31)
- US Unemployment Rate for October will be released. (November 1)
- The US Non-Farm Payrolls for October data is set to be released. (November 1)
- The US October ISM Manufacturing PMI data will be revealed. (November 1)
- Apple’s earnings report is set to be released. (November 1)
All these events are important and might affect the price of Bitcoin and the crypto market’s trajectory, following a weaker week during which BTC failed to reach a new ATH.
Bitcoin’s IVs Expected to Rise
Greeks.live noted that Bitcoin’s short- and medium-term IVs are currently at lower levels, below 40%, but more elevated IVs are expected next week when the US elections take place.
Speaking of the upcoming elections, following Donald Trump’s weekend rally in NYC which Elon Musk also attended, Trump’s election-winning odds have increased above 66%. According to Polymarket data, Trump is leading Kamala Harris by 66.3% to 33.9%.
Previously, Bernstein analysts have highlighted a correlation between Trump’s rising odds of becoming the US President this year and BTC’s recent price rallies.
Another factor contributing to Bitcoin’s optimistic debut this week is that BTC ETFs recorded almost $1 billion in inflows between October 21 and October 25, according to SoSoValue data, among other significant crypto events.
