The cryptocurrency market started the new year with high hopes. However, there is no acceleration in major altcoins, especially the leading crypto Bitcoin (BTC). That’s why market players are watching macro data for catalysts that could move Bitcoin and altcoins. We have prepared the dates for the main macro event that should be considered in 2023 for our readers.
Dates to follow by bitcoin and altcoin markets
cryptocoin.com As readers know, Bitcoin and altcoin markets typically respond strongly to the Federal Reserve’s (Fed) rate hike announcements. That’s why market players closely follow Federal Reserve meetings and policy makers’ speeches. Market watchers say FOMC meetings often lead to significant volatility. They note that analysts eagerly scrutinize Fed Chairman Jerome Powell’s words for clues to longer-term economic policy.
In this direction, attention will be paid to these meetings in order to obtain some clues about the direction of the policy of increasing interest rates and the projected course of inflation in 2023. It’s good to know that the Federal Open Market Committee (FOMC) holds eight regular meetings each year with the option to hold additional meetings if needed.
The committee, made up of 12 US central bankers, meets for two days to review the economic figures. Policy makers are discussing monetary policy decisions at this meeting. After the end of the second day of the meeting, these decisions are made public. In addition, FOMC chairman Jerome Powell is holding a press conference and making statements about the decisions. The Fed’s meeting dates in 2023 are as follows: January 31–February 1, March 21–22, May 2-3, June 13–14, July 25–26, September 19–20, October 31–November 1 and 12–13 December.
Will the bulls be able to dominate from January?
First, let’s say that the next meeting of the Fed will be between January 31 and February 1. Santiment estimates that market speculators may enter optimistic trades in early January 2023 for a variety of reasons outlined in the forecast report.
Also, Santiment states that if the US stock market experiences a relief rally at the beginning of January, it may increase the sentiment of cryptocurrency traders. According to the on-chain analytics platform, if Bitcoin manages to break out of its 51-day range, it could attempt to reach the $20,000-$21,000 level. However, recent macroeconomic developments have led to weak positive moves for Bitcoin. In this scenario, if the range barrier is not broken, it is possible for Bitcoin to approach the $14,000 area.