Bitcoin is preparing to close its first weekly red candle after a four-week series of gains. BTC is currently holding at $36,000, which is important to prevent a deeper correction. So what developments will affect the crypto markets in the next 7 days?
Developments of the Week in Crypto
As we do every Sunday, today we will discuss the important developments of the week. Recent developments on the macro front were positive for crypto, but dominant profit-taking prevented the rally from continuing. However, we know that delayed developments that will have a positive/negative impact on the price also fluctuate the prices. Now let’s take a look at what will happen as of Monday, November 20th.
November 20th, Monday
- 08:00 AMB/Lane Speech
November 21st, Tuesday
- BLUR will make an important announcement.
November 22nd, Wednesday
- 16:30 Unemployment Claims (Expectation: 225K Previous: 231K)
- ID Token Unlock (4.69 Million $)
- 22:00 Fed Minutes
November 23rd, Thursday
- US Holiday
- CBRT Interest Rate Decision (Expectation: %37.5 Previous: %35)
November 24th, Friday
- 17:45 US Manufacturing PMI (Expectation: 49.8 Previous: 50)
- 17:45 US Services PMI (Expectation: 50.3 Previous: 50.6)
- AVAX Token Unlock (200 Million $)
Important Details
We will not have an extremely intense week on the macro front. The Fed minutes seem to be the most important event of the week. Despite the declining inflation, Powell is cautious, but the minutes will be the first place where we will see signals of easing interest rates. Therefore, we have the risk of seeing volatility on Wednesday. We will share the details of the minutes with you as breaking news.
The highly anticipated major token unlock for AVAX is coming. After surpassing $21, we can see the panic of profit-taking triggering the token unlock. Or the team may find a way to counteract the selling pressure by creating new demand with an important announcement?
PMI data is not as critical as before, and the CBRT interest rate decision will be announced on Thursday. The interest rate decision is quite important for investors in Turkey, as there is potential volatility in TRY pairs in cryptocurrencies.
