Bitcoin price rises ahead of key US inflation and jobs reports

Déjà vu on the Bitcoin price? BTC climbed back above $69,000 during European trading hours after hitting this recent high just last week.

Bitcoin rose above $69,000 early Monday but has since cooled slightly, falling to a current price of $68,925 as of this writing. It is up 2% on the day, according to data from CoinGecko.

Looking ahead, traders face an extremely busy period for macroeconomic reasons. This week alone will see a new third-quarter gross domestic product report, personal consumption data (used to track inflation), and a new jobs report on Friday.

“Taken together, these releases will provide a comprehensive overview of the economy's strength, inflation path and employment trends,” BRN analyst Valentin Fournier wrote in a note shared with Decipher. “These factors can significantly influence the price development of Bitcoin.”

Then, next Tuesday, November 5, Americans go to the polls to vote in the hotly contested US presidential election between Vice President Kamala Harris and former President Donald Trump. The election decision alone, according to Fournier, is likely to drive the price of Bitcoin higher.

“Given the current accumulation phase, upcoming macroeconomic data and the positive sentiment surrounding the US presidential election, we believe Bitcoin is well positioned for a strong uptrend,” he wrote. “We continue to recommend a significant allocation to Bitcoin, over Ethereum, to maximize potential gains.”

Meanwhile, Singapore-based crypto trading firm QCP Capital noted that a recent podcast interview with Trump appears to have increased its lead over Harris on crypto-based prediction market platform Polymarket.

“Trump’s interview on Joe Rogan experience “The podcast, released nearly a week before the election, gained significant traction with over 32 million views, driving its polymarket ratings to over 66%,” the company wrote in a trading note on Monday.

But QCP, like BRN, believes that Bitcoin’s bullish momentum is now less closely linked to Trump’s victory.

“Despite crypto being touted as a 'Trump trade,' BTC's correlation with Trump's odds appears to be weakening as it aims to break $70,000 and overcome its July highs,” the company added.

Edited by Andrew Hayward