What’s going to matter for Bitcoin and crypto this week?

Bitcoin (BTC) finished last week up more than 11%, around $94,000.

Bitcoin's price jumped again last week, closing more than 11% higher around $94,000. The broader crypto market also benefited from the positive signals: Alphabet's strong quarterly results buoyed the U.S. stock markets, giving crypto some wind as well. Ethereum (ETH) gained about 14%, while Solana (SOL) and Ripple (XRP) rose roughly 10% each. In this roundup, we look ahead to the key economic numbers that could move the markets this week.

Key economic events this week

In the fourth trading week of April, investors are mainly focusing on U.S. consumer confidence data and the jobs picture, which will be released on Tuesday. Wednesday brings the first estimates of U.S. gross domestic product (GDP) and the latest core inflation figures (PCE) for March. Thursday brings durable goods orders, while Friday wraps up with the release of the NFP jobs report and unemployment data. The U.S. quarterly earnings season also peaks, including results from Visa, Meta, Microsoft, Robinhood, Apple, and Amazon.

Tuesday: consumer confidence and vacancies

On Tuesday, April 29 at 4:00 p.m. CET, the Conference Board (CB) will publish the monthly U.S. consumer confidence figures. The latest reading came in at 92.9, below the 94.2 forecast. For April, analysts expect a further drop to 87.4. If consumer confidence worsens more than expected, it could pressure both stocks and crypto. If the figure comes in better, it could provide a positive impulse, especially for risky assets like Bitcoin.

At the same time, the latest JOLTS job openings data will be released. In March there were 7.568 million open vacancies, below the 7.690 million expected. For the new figures, analysts expect a further drop to 7.480 million. A decline in openings can signal weakening economic activity and weigh on markets. A stronger-than-expected vacancy reading could be positive for stocks and crypto.

Wednesday: GDP and PCE core inflation

Wednesday, April 30 at 2:30 p.m. CET, the first estimates of U.S. GDP for Q1 will be released. While Q4 growth was 2.4%, analysts now expect a sharp slowdown to just 0.4%. If GDP comes in better than expected, it could spark a relief rally. At the same time, stronger-than-expected growth could temper hopes for rapid rate cuts. Disappointing growth would, in turn, put pressure on the Fed to ease policy faster, with uncertain market consequences.

Later that day, at 4:00 p.m., the new PCE core inflation figures are released. Last month, core inflation rose 0.4%, more than expected. For March, analysts now expect a 0.1% rise. If these expectations are met or exceeded, the odds of a rate cut from the Fed soon rise. If inflation comes in higher than expected, it could temper optimism and put risk assets under pressure.

Friday: jobs market and unemployment

Friday, April 25, the Bureau of Labor Statistics will release U.S. jobs data at 2:30 p.m. CET. In March, a surprisingly large number of jobs were added (228,000 vs 137,000 expected). For April, a clear slowdown is expected to about 129,000 new jobs. If the numbers miss, it could push the Fed to loosen policy faster, which could support the markets. If the figures come in strong again, it could give the Fed room to hold off on rate cuts longer.

At the same time, the unemployment rate will be released. In March, it ticked up to 4.2%. For April, analysts expect no change. A rise in unemployment could lead to risk-off among investors, while a drop could be seen as a sign of economic resilience and support risky assets like Bitcoin.