What is the future of BTC? This Saturday's key economic reports may become the trend of the trend

‍BTC prices continue to fall, which proves the increasing volatility and uncertainty of the Crypto asset market. As BTC faces greater downward pressure, the market is awaiting a series of key economic reports to be released this week that could impact price action.

Markets are waiting for key economic reports, BTC prices are at risk

After weeks of strong performance, the recent price plunge in BTC has sparked concerns about further declines and the possibility of a bear market opening. Starting today, the next few days will be crucial to determine whether BTC can recover from the current bearish market or whether it will fall further.

Given the current market status, the industry-leading global capital market review publication The Kobeissi Letter has outlined six key economic events that could impact the wider financial and Crypto asset markets on X Platform (formerly Twitter).

The first incident was the Job Vacancy and Labor Movement Survey (JOLTS), scheduled to be released on Tuesday, February 11. This economic data measures the number of job openings in the United States. Typically, strong labor markets mean that the economy remains stable, which could delay further rate cuts by the Federal Reserve, resulting in poor performance of BTC and other digital assets.

The second economic data released on the same day was the U.S. Energy Information Administration (EIA) short-term energy outlook report. This report provides information on fuel supply and demand. While this economic event may not be a direct driver of the Crypto asset market, energy costs can affect inflation, which in turn affects the Fed's policies. These policies may have an adverse impact or boost BTC prices.

The third event planned to be released on Wednesday (February 13) is the February Consumer Price Index (CPI) inflation data. This economic data measures inflation at the consumer level and plays a key role in determining the Fed's future rate cuts. If CPI is higher than expected, it may have a negative impact on BTC, as this will indicate that sustained inflation continues and may delay monetary easing.

The next economic data scheduled for Thursday is the weekly unemployment benefit filing report. If unemployment claims continue to rise, this could indicate that the economy is weakening, which could increase market expectations for interest rate cuts, driving Bitcoin prices to rise.

Another key event launched on the same day is the February Producer Price Index (PPI). This data measures inflation at the wholesale level. A higher-than-expected PPI report could negatively impact BTC and could lead to further collapse by reducing the likelihood of the Fed's recent rate cut.

Final economic report scheduled for release this week

The market closely monitors the latest reports of major economic events, and Bitcoin faces greater volatility. Its price fell again by 2.28% in just 24 hours. According to CoinMarketCap, the pioneer Crypto assets have plummeted 17.22% over the past month, with prices falling to $80,380.

If the upcoming economic report is not good for the market, BTC prices may plunge further as bearish sentiment may intensify. The last financial report scheduled for Friday, February 14 is the Michigan Consumer Confidence Index. The index provides information about consumers' level of confidence in the economy.

A decline in consumer confidence may herald an economic uncertainty, which could have a bearish impact on BTC prices, especially if investors turn to safer assets. Meanwhile, if low consumer confidence intensifies expectations of the Fed's interest rate cut, it may also support BTC prices.

 BTC trades for $1 on 81,768D chart | Source: BTCUSDT on Tradingview.com

Geoffrey Kendrick, head of digital assets research at Standard Chartered Bank, believes that the recent price trend of BTC shows that under the current risk aversion market sentiment, BTC, as the leader in Crypto assets, may need sovereign states to increase its holdings, or the geopolitical situation will become clearer in order to further rise.

Kendrick noted that due to macro uncertainty, BTC still faces the risk of further declines in the near term and requires a major catalyst to resume its upward trend.

"The question now is which one will come first: the recovery of risky assets or the positive news related to BTC, such as sovereign purchasing in the United States or other countries," he wrote.

The possibility of the Fed's interest rate cut remains crucial. If policy shifts faster than expected, it could happen at the Fed's May meeting, which could stabilize the risk market. Currently, market expectations for a rate cut in May have risen from 50% to 75%, increasing the possibility of a policy shift, which may benefit BTC.