‍BTC prices continue to decline, demonstrating the increasing volatility and uncertainty in the crypto asset market. As BTC faces greater downward pressure, the market is awaiting a series of key economic reports set to be released this week, which may impact price trends.

Market Awaits Key Economic Reports, BTC Price in Jeopardy

After several weeks of strong performance, BTC's recent price crash has raised concerns about further declines and the potential onset of a bear market. Starting today, the next few days will be crucial in determining whether BTC can recover from the current bearish trend or will continue to decline.

Given the current market situation, the industry-leading global capital market commentary publication, "The Kobeissi Letter," has outlined six key economic events on the X platform (formerly Twitter) that could affect the broader financial and crypto asset markets.

The first event is the Job Openings and Labor Turnover Survey (JOLTS) scheduled for release on February 11 (Tuesday). This economic data measures the number of job vacancies in the U.S. Typically, a strong labor market indicates economic stability, which could delay further interest rate cuts by the Federal Reserve, leading to poor performance for BTC and other digital assets.

The second economic data released on the same day is the U.S. Energy Information Administration (EIA) Short-Term Energy Outlook report. This report provides information on fuel supply and demand. While this economic event may not be a direct driver of the crypto asset market, energy costs can affect inflation, which in turn influences Federal Reserve policy. These policies could negatively impact or boost BTC prices.

The third event scheduled for release on Wednesday (February 13) is the Consumer Price Index (CPI) inflation data for February. This economic data measures inflation at the consumer level and plays a key role in determining the Federal Reserve's future interest rate cuts. If the CPI exceeds expectations, it could negatively impact BTC, as it would indicate persistent inflation, potentially delaying monetary easing policies.

The next economic data set to be released on Thursday is the weekly unemployment claims report. If unemployment claims continue to rise, it may indicate a weakening economy, which could increase market expectations for interest rate cuts, thereby driving up Bitcoin prices.

Another key event released on the same day is the Producer Price Index (PPI) for February. This data measures inflation at the wholesale level. A PPI report that exceeds expectations could negatively impact BTC and potentially lead to further declines by reducing the likelihood of recent interest rate cuts by the Federal Reserve.

Final Economic Reports Scheduled for Release This Week

The market is closely monitoring the latest reports on significant economic events, with Bitcoin facing greater volatility. Its price has dropped by 2.28% in just 24 hours. According to CoinMarketCap, this leading crypto asset has plummeted by 17.22% over the past month, with prices falling to $80,380.

If the upcoming economic reports are unfavorable for the market, BTC prices could further plummet as bearish sentiment may intensify. The last financial report scheduled for release on February 14 (Friday) is the Michigan Consumer Sentiment Index. This index provides relevant information on consumer confidence in the economy.

A decline in consumer confidence may signal economic uncertainty, which could have a bearish impact on BTC prices, especially if investors turn to safer assets. At the same time, if low consumer confidence exacerbates expectations for Federal Reserve interest rate cuts, it could also support BTC prices.

BTC is trading at $1 on the 81,768D chart | Source: BTCUSDT on Tradingview.com

Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, believes that BTC's recent price movements indicate that, under the current risk-averse market sentiment, BTC, as the leading crypto asset, may need sovereign nations to increase their holdings or for geopolitical situations to become clearer in order to rise further.

Kendrick points out that due to macro uncertainty, BTC still faces further downside risks in the short term and requires a significant catalyst to restore its upward trend.

He wrote, "The question now is, which will come first: a recovery in risk assets or positive news related to BTC, such as sovereign purchases by the U.S. or other countries?"

The possibility of Federal Reserve interest rate cuts remains crucial. If policy changes occur faster than expected, it could happen at the Fed's May meeting, potentially stabilizing risk markets. Currently, market expectations for a rate cut in May have risen from 50% to 75%, increasing the likelihood of a policy shift, which could be beneficial for BTC.

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