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14:00 GMT+2, EUR, ECB President Lagarde Speaks
16:30 GMT+2 CHF, Gov Board Member Maechler Speaks
Standard Chartered, a financial multinational, claimed the markets are underestimating the likelihood of a further 70% fall in the Bitcoin price, down to $5,000. Besides, the company suggested that demand could switch from Bitcoin, perceived by the market as a digital version of gold, to a real asset, leading to a 30% increase in the price of the precious metal.
Bitcoin has already fallen over 60% this year after several high-profile projects and company crashes that have swept the industry. The latest and biggest victim was the FTX cryptocurrency exchange, which declared bankruptcy. The contagion from the FTX drop continues to spread throughout the market.
The fall in the price of Bitcoin will also coincide with a rally in gold, said Eric Robertsen, head of global research at Standard Chartered. He supposed the yellow metal could rise 30% to $2,250 “as cryptocurrencies continue to fall and more crypto firms succumb to liquidity shortages and investor exit.”
At the moment, Bitcoin keeps higher than $15600 support level. The nearest support is $17400. The price is moving in tunnel for a quite a long time, so most likely, the price will break though any of these levels soon. Any news can influence the asset’s price now.
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The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
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