Bitcoin’s price suffered a massive crash due to the collapse of a US bank in just a couple of days and displayed its strength and self-assurance to maintain a healthy upswing. However, it has also to be noticed that the bulls are just preventing the price from plunging below the threshold rather than uplifting beyond $25,000, which is considered an important milestone to trigger a fine bull run ahead.
Woefully, the upswing appears to have been delayed a bit, as the markets are not yet done displaying sudden changes. The upcoming week is also extremely volatile, as multiple events are set to knock off the crypto space. The price of Bitcoin and other altcoins is believed to vary, regardless of direction.
Kobessi Letter, the weekly commentary on the global capital markets that address economic and technical trends, lists the events that may be responsible for significant volatility within the markets.
As mentioned above, there are key events lined up throughout the week that may impact the markets too. The Bitcoin price has risen above the SVB’s fallout, but major volatility may be on the way to hinder the progress of the rally. The CPI and PPI data for February may have a larger impact. Each time, the prices rise slightly and quickly drop, wiping out all the gains incurred in the past couple of days.
Moreover, the retail sales and jobless claims followed by mass tech layoffs due to the failure of SVB may not only impact the crypto space but also the traditional markets too. Moreover, this is the most important week for the stock markets since 2008. As the markets are not only dealing with the SVB fallout but may also receive crucial inflation data. Hence, both market sentiments and FED policies may be dictated this week.
