- Bitcoin kicked off the week with momentum, climbing to a new all-time high of $123,000, a reflection of renewed interest in the crypto market as a whole.
- Several US economic signals this week, like the PPI report, will influence the price action going forward.
Bitcoin recently reached a new all-time high, soaring to $123,000, and is currently trading around $121,000. This follows a solid 12% gain over the past week.
Its trading volume has surged as well, jumping by 230% to $142.86 billion in just the past 24 hours.
All eyes are now on four key U.S. economic data releases set for this week, as each has the potential to either propel Bitcoin higher or trigger a market pullback. Whether you’re a long-term HODLer or a short-term trader, staying tuned to the economic calendar could offer valuable insights into Bitcoin’s next move.
Meanwhile, the pseudonymous analyst ‘apsk32’ is predicting that BTC could climb to $200K–$300K before the end of the year.
1. Consumer Price Index
On July 15, the U.S. Consumer Price Index (CPI) report will be released, offering a fresh look at inflation. June’s CPI is projected to show a 2.6% year-over-year increase, up slightly from 2.4% in May.
The CPI shows the average change in prices that consumers pay for everyday goods and services. Thus, it is one of the most watched indicators for tracking inflation.
If the data comes in higher than expected, it could spark worries that prices are climbing again. This can also lead the Federal Reserve to keep interest rates elevated for a longer period, eventually putting pressure on Bitcoin and other assets.
But if the numbers show inflation is easing, it could boost optimism around potential rate cuts, often giving crypto markets a lift.
2. Producer Price Index
Coming up on Wednesday is the Producer Price Index (PPI) report. The PPI tracks the average change in prices that domestic producers receive for their goods and services, making it a leading indicator of inflation trends at the wholesale level.
When PPI comes in higher than expected, it suggests that inflation is still lingering, which might push the Federal Reserve toward keeping policies tight. But if the numbers come in softer, it can ease inflation worries and lift the mood across markets, including crypto.
3. Initial Jobless Claims
All eyes will be on the release of the weekly jobless claims data on Thursday. These numbers offer a real-time glimpse into the health of the U.S. labor market and can quickly sway investor sentiment.
If claims rise noticeably, it could mean economic softening and boost expectations for Fed rate cuts, a scenario that supports Bitcoin and the altcoins.
Steady or declining claims suggest a strong labor market, which can strengthen the U.S. dollar and apply downward pressure on BTC. For context, the most recent data from the week ending June 28 showed 233,000 claims, slightly better than the 240,000 forecast. While the market reaction was muted, the reading underscored ongoing resilience in the job market.
4. Consumer Sentiment Index
This week wraps up with the release of the preliminary University of Michigan Consumer Sentiment Index for July, set for Friday, July 18. Stronger consumer sentiment signals confidence in the economy. Weaker sentiment tends to reflect economic anxiety, which can lead investors to shift capital into cryptocurrencies in search of higher returns.
Last month’s final reading came in at 60.7, marking the first monthly increase in six months, though it still sits about 20% below December 2024 levels. The sentiment had dipped sharply in May to 52.2, tying with April for the second-lowest level since 1980, a drop largely driven by concerns over inflation and trade tariffs.
