Bitcoin News

Bitcoin And Crypto Face These Key Events In The Week Ahead

In the near future, there is a “bullish vacuum” in the Bitcoin and cryptocurrency markets. The US Federal Reserve’s much-anticipated shift and substantially lower-than-expected inflation data (CPI and PPI) allowed for the Bitcoin price to maintain its upward trend of the previous few weeks, and it just hit a new annual high of $30,968.

The approaching two weeks are essentially devoid of significant macro data after the previous three weeks were consistently jam-packed with it. This will only alter on May 3 when the US Federal Reserve’s Federal Open Market Committee (FOMC) is due to meet.

As a result, there will be a positive vacuum until early May, when it is probable that Bitcoin and the whole crypto market will continue their uptrend. Even so, there are a few occasions this week that might have an impact on the market. We review the most significant dates, as we do every Monday.

On Tuesday, April 18, the Securities and Exchange Commission (SEC) chairman Gary Gensler will have to defend his supervision of the US bitcoin and cryptocurrency business, and all eyes will be on Washington, D.C. Patrick McHenry, the head of the Financial Services Committee, set the hearing date, as Bitcoinist reported.

McHenry wants to investigate what Gensler did to the US crypto business. He stated in an interview that this would be the Securities and Exchange Commission’s first oversight hearing. This will be about his strategy to regulating digital assets and his regulations. It will have extensive overall control over the SEC. To establish a regulatory framework for digital assets, [this will be] a serious policy approach.

Gensler will probably come under intense scrutiny. The co-chairs of the Digital Assets Subcommittee are Republican French Hill and Republican Warren Davidson, both of whom support cryptocurrencies. One of Gensler’s harshest detractors, Davidson, recently tweeted that “Fire Gary” should become a bipartisan movement.

Weekly figures on first unemployment claims in the US are due on Thursday, April 20, at 8:30 am (EST). The results from last week were once more far above predictions. 240,000 are anticipated this week as opposed to 239,000 previous week.

A considerably weaker-than-expected JOLTS employment report and disappointing NFP labor market statistics in recent weeks were the first signs of the US labor market’s slowing down. If the most recent data on first unemployment claims support this trend, it would be just another indicator that the US is experiencing a recession.

Unemployment claims would cease climbing temporarily and the labor market would settle once more, which would be advantageous for the cryptocurrency market. A still robust labor market may at least delay the impending recession a little or even make it less severe.

Third, investors must monitor the dollar index (DXY). If the DXY keeps falling, it might give support for a further advance in Bitcoin and other cryptocurrencies. The following graphic was recently posted by analyst Scott Melker, who said:

The right shoulder has developed and the neckline is being examined two months later. Though it’s still only a hypothesis, if the black line breaks, it would be confirmed, and the dollar should continue to decline.


Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.