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Bitcoin (BTC) 
$109,170 has struggled to break the $100,000 threshold over the past three weeks, currently trading at $95,890. The largest cryptocurrency is caught at a significant resistance point. This week’s upcoming economic data and statements from Federal Reserve (Fed) officials could create substantial volatility in the cryptocurrency market. The pressing question is whether Bitcoin can rise following these developments.
Consumer Confidence, Housing Market, and Nvidia Earnings
One of the essential data releases this week is the CB Consumer Confidence report scheduled for February 25. This report measures confidence in the U.S. economy. If consumer confidence exceeds expectations, it may increase the likelihood of investors leaning toward riskier assets. Conversely, if the report falls short, there may be selling pressure on assets like Bitcoin and altcoins.
On February 26, the New Home Sales report will be released, which is an important indicator of economic stability. Additionally, the earnings report from tech giant Nvidia on the same day could cause market fluctuations. Strong results from Nvidia could positively impact tech stocks and Bitcoin alike.
U.S. Growth Data, Inflation Data, and Fed Officials’ Speeches
The U.S. fourth-quarter Gross Domestic Product (GDP) data for 2024 will be announced on February 27. A growth rate above expectations could bolster investor confidence and support Bitcoin’s ascent. However, a lower growth figure might raise concerns in the markets.
Among the week’s critical developments is the Personal Consumption Expenditures (PCE) inflation data set for release on February 28. This data will provide clues about the Fed’s stance on inflation, potentially defining Bitcoin’s short-term direction. If inflation continues to remain high, the likelihood of sustained high interest rates increases, which could lead to selling pressure in the cryptocurrency market.
Throughout the week, a total of 10 Fed officials are expected to speak. Their statements will offer insights into interest rate policies and inflation. If they adopt a more dovish tone, a positive environment for Bitcoin could arise; however, if signals lean towards maintaining tight monetary policies, the market may feel pressured.
Technically, for Bitcoin to surpass $100,000, it must break the resistance at $97,000. If it rises above this level, $98,500 and the psychological $100,000 level may become attainable objectives. However, as long as the price remains below $97,000, there is a risk of decline toward $95,000 and even $92,000.
