5 US economic events that could impact Bitcoin this week

This week, the crypto market is bracing for potential volatility as several key US economic events unfold.

These reports and speeches are expected to influence investor sentiment, with a direct impact on Bitcoin (CRYPTO:BTC) and other cryptocurrencies. 

On Monday, the release of the Purchasing Managers’ Index (PMI) for manufacturing and services will provide insight into economic health. 

A PMI above 50 suggests expansion in these sectors, which could positively impact Bitcoin if the report indicates overall growth in the economy. 

Tuesday's consumer confidence report, followed by the consumer sentiment report on Friday, will gauge public outlook on financial conditions. 

These reports offer a snapshot of how optimistic or pessimistic consumers feel about the economy’s future. 

A rise in confidence could lead to more risk tolerance, potentially benefiting Bitcoin, which is often viewed as a high-risk, high-reward investment. 

The second-quarter GDP report on Thursday will provide further details on economic growth. 

Strong growth, driven by domestic spending, could bolster confidence in the economy’s stability and indirectly support Bitcoin's price as some investors may consider it a hedge or alternative investment. 

Federal Reserve Chair Jerome Powell’s speech on Thursday and remarks from Fed Governor Michelle Bowman throughout the week will be closely watched, especially in light of the recent 50 basis-point rate cut. 

Any hints about future monetary policy could have a notable impact on the crypto market. 

On Friday, the core Personal Consumption Expenditures (PCE) inflation report will be key. 

A lower-than-expected PCE reading could boost the possibility of further rate cuts, which would likely be positive for Bitcoin, as lower rates tend to encourage liquidity and investment in riskier assets like cryptocurrencies. 

These developments will be crucial for the crypto market as the week progresses.

At press time, the Bitcoin price was $62,840.06.