The crypto market remained in a small range throughout the weekend, with reduced volatility, but this may change.
Retail sales and manufacturing reports will be released this week. This report is often used as an indicator of economic conditions and potential changes in inflationary trends.
"We are currently paying attention to the Fed's decision, the election, geopolitical tensions, and the earnings report that is in focus," commented Kobeissi Letter.
Slightly higher-than-expected CPI data last week was accompanied by rising jobless claims, adding to investor confusion about the direction of the US economy.
Additionally, FOMC meeting minutes revealed that most rate committee members supported a 0.5% rate cut, and the market now expects a 0.25% interest rate cut in November.
This Thursday, the September Retail Sales report will be released, providing information on total consumer spending. It is also a key indicator of the health of the economy and the inflationary factor on the demand side.
However, Global Markets Investor warned that, after adjusting for inflation, retail sales have declined for five consecutive months and have declined by around 3% since April 2022.
The Industrial Production Report for September will also be released on Thursday. This data reveals the total output of US industries such as manufacturing, mining, and utilities, and is also a key indicator of economic growth.
Homebuilder confidence will also be in focus this week with a report on the housing market due out on Friday.
Several Fed officials will deliver statements this week, starting with Fed Governor Christopher Waller on Monday. On Tuesday, San Francisco Fed President Mary Daly and Federal Reserve Governor Adriana Kugler will also deliver statements.
Additionally, major banks such as Goldman Sachs, Morgan Stanley, Citigroup, and other major financial firms are scheduled to report their earnings this week.
The crypto market has remained flat over the past 24 hours, currently at $2.33 trillion. Price movements were mostly flat over the weekend, with Bitcoin remaining in a narrow range.
So far, the market has declined by 5% since the beginning of the month, with no sign of the expected "Uptober".
Bitcoin hit $64,000 during the early trading session in Asia on Monday morning and has now surpassed that level to trade at $64,775. The asset remains in its seven-month lateral channel and is now near the middle of it.
Most altcoins were in the green zone on Monday, although gains were minimal following the ongoing consolidation phase.