Bitcoin traded near $62,747 early on Aug. 3 after reaching an intraday high of $63,697, as investors prepared for five major U.S. economic releases and several closely watched corporate earnings reports. The week begins with the July ISM Manufacturing PMI on Monday and ends with the official July employment report on Friday.
Economic Releases
Between those releases, traders will receive job-opening data, private payroll figures, and the ISM Services PMI. Together, the reports could alter expectations for Federal Reserve policy after officials kept interest rates unchanged last week.
Market Reaction
Bitcoin briefly moved toward $63,700 but failed to hold the advance, showing a weaker response than energy markets, after President Donald Trump canceled planned strikes against Iran and said negotiations intended to reopen the Strait of Hormuz would begin on Monday.
Federal Reserve Decision
The Federal Reserve held its target rate at 3.5% to 3.75% on July 29, with its statement saying economic activity continued to expand at a solid pace despite elevated uncertainty connected partly to the Middle East conflict.
Corporate Earnings
Corporate results will create another source of volatility, with AMD and SpaceX scheduled to publish quarterly results after Tuesday's market close, followed by other major U.S. companies later in the week.
