Bitcoin is trading around $87,472 today, posting a 3.23% gain in the past 24 hours. But don’t expect the calm to last. With several major US economic reports scheduled this week, crypto markets could see a spike in volatility. From jobless claims to consumer sentiment, five key updates could either fuel a rally or trigger a pullback.
Here’s what’s coming up and why it matters for Bitcoin.
Leading Economic Index (LEI) — April 21 (Monday)
March’s Leading Economic Index (LEI) is expected to show a 0.5% decline, continuing a string of monthly drops. This points to weaker consumer confidence and slowing manufacturing activity. Although the six-month trend is showing slight improvement, overall momentum still signals a softening economy.
For Bitcoin, this usually means reduced risk appetite. Investors may start shifting toward safer options like bonds. But if concerns about the broader financial system start to grow, Bitcoin could benefit from its reputation as a digital safe haven.
Services PMI — April 23 (Wednesday)
March’s Services PMI came in at 54.4, indicating solid growth in the US services sector. Another reading above 50 this week would confirm continued expansion and likely support the strong dollar narrative.
A stronger dollar tends to weigh on Bitcoin, as it makes alternative assets less attractive. It also lowers the chances of the Fed cutting interest rates soon, which could cool momentum in the crypto market.
Manufacturing PMI — April 23 (Wednesday)
Unlike services, US manufacturing is struggling. If the latest data shows further weakness, it could increase fears of an economic slowdown. That might drive investors away from riskier assets like Bitcoin, especially if equity markets also start to dip.
Initial Jobless Claims — April 24 (Thursday)
Initial jobless claims dropped slightly last week, but the labor market still appears soft. A surprise jump in claims this Thursday could spark fresh recession concerns, potentially putting pressure on Bitcoin and other risk assets.
On the other hand, continued declines in claims could lift market sentiment, boosting appetite for crypto in the short term.
Consumer Sentiment — April 25 (Friday)
Consumer sentiment remains near record lows. Friday’s report will either confirm the bleak outlook or hint at a potential rebound. Weak sentiment often drags down interest in speculative assets like crypto, while even a modest improvement could give Bitcoin a short-term boost as risk appetite returns.
This week’s lineup of economic data is packed — and any unexpected results could trigger major moves in the crypto market.
While Bitcoin is currently holding steady, that could change fast. Traders and investors should brace for a potentially choppy ride as the numbers roll in.
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