Market Awaits US Economic Data for Bitcoin Rally to $72K Amid Stagnant Prices

• Bitcoin maintains a steady $61K, with XRP and Solana taking 5% weekly losses.
• Upcoming U.S. economic events, including PPI and CPI, are poised to influence crypto market trends.
• Market commentators expect positive CPI data to send Bitcoin to $72K.

The crypto markets have been stagnant since last week. Bitcoin, for instance, has been maintaining a steady position around the $61K price level, often experiencing price declines in the past week. Bitcoin’s subdued performance is also reflected in the broader market sphere. Altcoins like XRP and Solana are registering over 5% losses in their weekly performance. 

Now, crypto investors are turning their attention to this week’s U.S. economic calendar, which is packed with events that could significantly sway the markets. The widely followed X account “The Kobeissi Letter” recently compiled the economic events expected to unfold this week.

Key Events This Week:

1. April PPI Inflation data – Tuesday

2. Fed Chair Powell Speaks – Tuesday

3. April CPI Inflation data – Wednesday

4. April Retail Sales data – Wednesday

5. Philadelphia Fed Manufacturing data – Thursday

6. Total of 12 Fed speaker events this week…

— The Kob…

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