The crypto market was mixed last week, with Bitcoin remaining stuck at the resistance level at $107,000 and most altcoins plunging. Liquidations soared in the first few days of the year, while the market cap of all coins fell to $3.29 trillion. Here are the top catalysts for Bitcoin and altcoins this week.
US nonfarm payrolls data
The first main catalyst for Bitcoin and altcoins will be the US nonfarm payrolls (NFP) data, which will come out on Friday. Economists expect these numbers to show that NFPs fell from 139,000 to 129,000 in June as companies remained concerned about Donald Trump’s tariffs.
The unemployment rate is expected to remain at 4.2%, while wage growth continued ts upward momentum.
Strong jobs numbers will signal that companies are continuing hiring despite the burden presented by Trump’s tariffs. If the jobs numbers miss expectations, they will put more pressure on the Fed to slash interest rates during the month.
ADP will publish its estimate of private payrolls data on Wednesday, while the Bureau of Labor Statistics (BLS) will release the latest job vacancies data.
The other top macro events will be the upcoming ISM and S&P Global manufacturing and services PMI numbers. These are important leading indicators that provide more information about the state of the economy.
OPEC+ meeting
The other potential catalyst for Bitcoin and altcoin prices will be the upcoming OPEC+ meeting this week. This is a closely-watched monthly meeting where members deliberate on oil output or an increase.
The cartel has been increasing output over the past few months, and this trend is expected to continue this week. Analysts expect the increase to come in at 411,000 barrels per day in August.
The increase is being driven by the cartel’s goal of gaining market share in the oil market. It is also happening as some cartel members boost their overproduction. Iran is expected to boost more production after the recent war ended.
OPEC+ meeting impacts Bitcoin and altcoin prices because of its impact on crude oil prices. Higher oil prices lead to inflation, which may push the Fed to maintain high interest rates for longer.
Lower oil prices often contribute to low inflation, which may catalyze interest rate cuts, boosting crypto prices. Brent and WTI prices have dropped in the past few days as the crisis in the Middle East ended.
The tariff deadline is nearing
The next catalyst for Bitcoin and altcoin prices will be the upcoming July 7 tariff deadline by the United States. With the deadline nearing, traders will watch out on whether Trump will reach deals with some key markets like Japan, South Korea, and the European Union.
A tariff deal, such as the one the US reached with China, will be bullish for the crypto market because it will trigger a risk-on sentiment among market participants.
Trump has already reached a deal with China and the UK, and more countries are expected to sign agreements.
Top token unlocks this week
Some crypto prices will be impacted by token unlocks this week. A token unlock occurs when new tokens are released to the market according to the vesting schedule.
A token unlock often leads to higher supply in the crypto market, which may lead to lower prices. Some of the top token unlocks scheduled for this week are Origin Protocol, Maverick Protocol, Adventure Gold, Gravity, NAVI Protocol, and Alchemy Pay.
Further crypto prices may react to the start of July, which is historically a bullish one for them. The average monthly return in July on Bitcoin is 7%, higher than June’s minus 2%. Finally, traders will focus on the surging Bitcoin and Ethereum ETF inflows.
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