Bitcoin Traders Eye Corporate Earnings for Crypto Market Clues
Bitcoin's price has settled around $65,500 as investors await key economic indicators this week. According to Jeff Ko, chief analyst at CoinEx, the cryptocurrency market is likely to remain range-bound due to several factors.
Ko cites three reasons for his view: the calming of tensions between the US and Iran, which has led to a retreat in oil prices; the 10-year Treasury yield approaching 4.7%, indicating some tightening by the Federal Reserve; and the central bank's desire to keep its options open ahead of this week's PCE inflation and second-quarter GDP data.
The real swing factor for crypto markets, however, is corporate news. Apple, Microsoft, Meta, and Amazon are set to report their earnings this week, and Ko believes that their free cash flow and AI-spending guidance could impact Treasury yields and the Nasdaq.