Bitcoin's Price Hinges on Three Key Events This Week

The next move for Bitcoin ($BTC) could be influenced by three major macro events scheduled to take place this week. The first is the release of July's U.S. personal consumption expenditures (PCE) reading, a key inflation gauge that economists expect to show a slight decrease from June's 3.3% year-over-year rate.

A hotter-than-expected PCE print could revive concerns about interest rates and negatively impact Bitcoin and the wider crypto market. The Federal Reserve is currently pricing in around a 38% chance of raising interest rates by 25 basis points in September, according to the CME's FedWatch tool.

Nvidia's (NVDA) second-quarter earnings, due for release on Wednesday, are also expected to be closely watched. A big beat could ease concerns over AI debt-fueled capex spending and support risk-taking across financial markets.

The third event is Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday. His comments may provide insight into whether he will back the U.S. Treasury's plan to boost buybacks of longer-duration bonds, which could impact Bitcoin's price.