Major Crypto Events This Week: Economic Data, Halving Hype, and Legal Drama!

Here Is How Crypto Trader Makes $3.02 Million Profit in 12 Minutes with $SLERF Trade

The post Major Crypto Events This Week: Economic Data, Halving Hype, and Legal Drama! appeared first on Coinpedia Fintech News

This week, the U.S. is set to release key economic data that typically have significant effects on global financial markets. Specifically, the focus is on the core Personal Consumption Expenditures (PCE) price index for February, an important measure of inflation closely monitored by the Federal Reserve. With Bitcoin’s (BTC) recent adjustments and the anticipation surrounding the upcoming halving, the stakes couldn’t be higher for crypto investors looking to gauge the next move the king of cryptos will make.

Major Crypto Key Events This Week

There’s a high expectation (over 89%) that interest rates will remain stable in the near term, a scenario that has historically had mixed implications for Bitcoin. In parallel, the Bitcoin network has been busy, with its difficulty level reaching an all-time high. This indicates a strong interest in mining activities, even as the community braces for the halving that will cut the mining reward in half.

The core PCE price index is particularly noteworthy for crypto markets because it provides insight into inflation trends, which influence investment strategies for institutional investors, which are responsible for Bitcoin breaking all-time highs this year.

In addition to all these, other exciting things happening in the crypto industry this week include Sam Bankman-Fried’s sentencing scheduled for March 28. Prosecutors are pushing for a severe penalty of 40 to 50 years, whereas family, supporters, and cellmates are advocating for leniency. But it is all up to Judge Lewis Kaplan, and only time will tell his decision.

The coming week also brings a series of significant token unlocks that could add more volatility to the market. Optimism and dYdX are leading, with Optimism’s 24.16 million OP tokens and dYdX’s 33.33 million tokens valued at over $200 million.

Adding to the week’s drama is the fate of Do Kwon, whose legal issues have taken a new turn with his release from Montenegrin prison. Whether Kwon will face extradition to South Korea or the United States remains unanswered, leaving the crypto community intrigued.

How Bitcoin Price Has Been Doing?

Bitcoin has been hovering around the 20-day EMA, priced at approximately $65,364, indicating that neither bulls nor bears have definitive control. Meanwhile, the RSI signals a balanced dynamic of buying and selling pressures. 

Bitcoin’s immediate trajectory could be between $60,700 and $69,000. A sustained move below the 20-day EMA might push prices toward the 50-day simple moving average support zone, risking a dip to the $54,000 Fibonacci level. However, breaking above $69,000 could signal bullish momentum, potentially setting the stage for a climb towards $80,000. At press time, Bitcoin was worth $67,099.

from Coinpedia Fintech News

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