BTC Price Expectations for the Week
Crypto Update: The current price is hovering around $97,628. The market has been trading sideways after a strong uptrend that peaked near $100,000. The red resistance zone at $108,429 represents a key level where sellers might step in, while the green support level at $91,451 shows where buyers are likely to return.
Source | Tradingview
For this week, the key question is whether BTC can break above $100,000 or if it will pull back toward the support zone.
- Bullish Scenario: If BTC closes above $100,000, it could signal more upside potential, possibly targeting $108,000.
- Bearish Scenario: If BTC struggles to hold above $97,500 and breaks below $95,000, the price could drop toward the $91,000 support level.
With several economic events coming up this week, BTC’s movement will likely be influenced by macroeconomic factors.
Major Economic Events to Watch
Several important U.S. economic reports and speeches are scheduled this week. Here’s what to watch and how they could impact the markets:
Monday, Jan. 6
- S&P Final U.S. Services PMI (Dec)
- Forecast: 58.5
- Impact: If the number comes in higher than expected, it shows that the U.S. economy is still strong, which could push the Federal Reserve to maintain higher interest rates. This would be bearish for BTC.
- If the number comes in lower, it indicates a slowing economy, which would be bullish for risk assets like BTC.
- Factory Orders (Nov)
- Forecast: -0.3%
- A negative reading shows declining industrial activity, which could push the Fed toward a more dovish stance. This would be bullish for BTC.
Tuesday, Jan. 7
- U.S. Trade Deficit (Nov)
- Forecast: $73.8B
- A narrowing deficit is a sign of stronger exports, which could strengthen the USD and be bearish for BTC.
- ISM Services (Dec)
- Forecast: 52.1%
- If this number beats expectations, it indicates strong economic activity, which would be bearish for BTC.
Wednesday, Jan. 8
- ADP Employment (Dec)
- Forecast: 146,000
- If job growth comes in strong, the Fed might continue with a hawkish stance, which would be bearish for BTC.
- FOMC Meeting Minutes
- These minutes will give more insight into the Fed’s December meeting. Any hints of a more dovish stance would be bullish for BTC.
Thursday, Jan. 9
- Initial Jobless Claims (Jan 4)
- Forecast: 211,000
- Lower claims are a sign of a strong labor market, which would be bearish for BTC.
Friday, Jan. 10
- U.S. Employment Report (Dec)
- Forecast: 155,000 jobs added
- If the actual number is much higher, it could strengthen the USD and be bearish for BTC. A weaker number would be bullish.
- U.S. Unemployment Rate (Dec)
- Forecast: 4.2%
- A drop in unemployment could pressure the Fed to keep rates high, which would be bearish for BTC.
Crypto-Specific Events to Watch
INJ 3.0 Upgrade Vote
The on-chain vote for the INJ 3.0 upgrade will end in three days. This upgrade aims to decrease the INJ supply, making the token more scarce. So far, 100% of participants have voted in favor. If the proposal passes, it could drive INJ prices higher as it would create a deflationary effect.
Source | @Injective X
Avalanche Quarterly Ecosystem Webinar (Jan. 7)
Avalanche9000 is set to be the network’s largest upgrade, reducing chain deployment costs by 99.9% and lowering C-Chain transaction fees. The webinar will discuss these upgrades and their potential impact on the broader blockchain ecosystem.
For AVAX holders, this is an important event. If the upgrade is received positively, AVAX could see price appreciation. However, if the upgrades are delayed or face technical issues, it could negatively impact the token.
Source | Colony Lab Medium
Optimism and Aptos Token Unlocks
- Jan. 9: Optimism OP will unlock 4.47 million tokens, which is about 0.33% of its circulating supply.
- Jan. 11: Aptos APT will unlock 11.31 million tokens, which is about 2.03% of its circulating supply.
Token unlocks can lead to increased supply, putting downward pressure on prices. However, if market sentiment is positive, the impact could be minimal.
Summary: What to Expect This Week
- BTC: Key levels to watch are $100,000 (resistance) and $91,000 (support). Macro events will likely influence price movements.
- Economic Calendar: U.S. jobs data, ISM services, and Fed minutes are the key reports. Strong economic data is bearish for BTC, while weaker data is bullish.
- Crypto Events: Watch for the INJ vote, Avalanche webinar, and token unlocks for Optimism and Aptos. These events could cause price movements in specific tokens.
Overall, it’s a critical week for both traditional markets and crypto. Traders should keep an eye on both economic reports and crypto-specific news to navigate the market effectively. Always remember to do your own research (DYOR) before making any investment decisions. For more insights, you can explore blog.millionero.com. You can also trade spot and perpetuals on Millionero. Stay safe and informed!