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Watch out for these events Nov. 7-14: they could make Bitcoin move a lot

The second week of November is shaping up to be full of stock market events at the most relevant: economic data, and chart patterns to look out for. Hello this is a test








BCE speech, crude oil stocks and U.S. CPI

On Wednesday, November 09, at 4:30 p.m., any weekly increases or decreases in barrels of crude oil held at U.S. companies will be reported. For commodity traders, this is a particularly important event as it is typically a good indicator of directionality for the future of crude oil prices. After recent events regarding supply changes by OPEC+ and the related U.S. response, traders are anxiously awaiting the release of this data. The related communication could also impact the stock market value of oil companies and thus the markets across the board.

On Thursday, 06/11, on the other hand, the U.S. October consumer price index figure will be released, followed by the figure on initial claims for unemployment benefits. This data is also not to be underestimated as important trends regarding all Western stock exchanges have begun following the past communication.


BITCOIN


Bitcoin has historically maintained a correlation with the NASDAQ above 0.5 points (correlation index) on average. It is natural that a major NASDAQ movement could be emulated by Bitcoin in a more than proportional manner. The last announcement of the CPI and PayRoll data created a lot of volatility in the markets and also in BTC. This week it is plausible to expect extensively the same thing.

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