Bitcoin Traders Anticipate Powell’s Testimony and Core PCE Data This Week

The recent U.S. airstrike on Iran's nuclear sites has stabilized oil markets, countering bearish predictions for Bitcoin prices. Key upcoming events may impact market conditions:

Federal Reserve Chairman Jerome Powell will testify before Congress, facing pressure from Republican members regarding interest rates.
Powell is expected to maintain the Fed's independence while discussing data-driven rate decisions.
Market anticipates potential interest rate cuts in July and September, influenced by inflation and labor market trends.
Chris Weston of Pepperstone suggests dovish hints from Powell could encourage risk-taking, benefiting Bitcoin.
Analysts at ING predict only one rate cut this year unless job market weakness persists.

Core PCE Release

The core personal-consumption expenditures (PCE) price index, a key inflation measure, will be released Friday. Expectations are set for a 0.1% month-on-month increase, supporting Fed rate cut expectations.

Ongoing Tensions with Iran

Despite calm oil markets, threats from Iran could raise shipping insurance costs, impacting oil prices. Insurance costs for vessels transiting the Strait of Hormuz have surged from $0.20 to $0.80 per barrel.