Bitcoin Weekly Outlook: More Turbulence Expected on Mixed Economic Data

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Bitcoin managed to close the previous week in green as a slightly optimistic economic data in the US lifted demand for the US dollar. The cryptocurrency and the greenback have trended inversely to one another since the March 2020’s global market crash. They continue to serve as counter-indicators to one another, a sentiment that has grown further because of the ongoing stimulus negotiations and the upcoming US presidential election on November 3. Bitcoin-US Dollar Index correlation since March 2020. Source: BTCUSD on TradingView.com Last week, investors’ focus, however, shifted on the US corporate earnings, retail data, and factor production statistics. A majority of them came out as uplifting. More than 80 percent of S&P 500 companies that released their financial reports beat analysts’ forecasts. US Corporate earnings (released on Friday). Source: Bloomberg Meanwhile, the US retail sales accelerated in September, brushing off concerns related to rising unemployment, lack of stimulus,…

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