The ‘Huge’ Macro Week Is Here: Will This Data Finally Spark a Crypto Breakout?

Bitcoin, the altcoins, and the broader financial markets face another eventful week, with geopolitical developments, key US labor data, major earnings reports, and fresh economic indicators all capable of influencing investor sentiment.

The cryptocurrency market is in a fragile place once again. The weekend moves on the war front in the Middle East did little to boost BTC and the alts higher, and Trump’s reassuring words about an upcoming deal for the Strait of Hormuz are taken with a grain of salt.

Key Events in Focus

The first market reaction was expected to be a larger one, after US President Donald Trump canceled the planned military strikes against Iran over the weekend. Moreover, he claimed on a couple of occasions that there’s a Hormuz deal in the making, but Iranian officials denied it.

Admittedly, the US stock futures markets indeed rose after Trump’s promises, while oil prices plunged. The impact in the crypto space, though, was limited to a brief surge from BTC to $63,500 yesterday, only to be halted and driven below $63,000 on Monday morning.

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