The cryptocurrency market is gearing up for a critical week of macroeconomic events that could significantly impact its direction.
One of the most closely watched events is the US Consumer Price Index (CPI) report scheduled for June 10. According to consensus estimates, headline CPI is expected to rise to 4.2% from a year earlier, while core CPI is projected to increase 2.9% year over year.
A stronger-than-expected inflation reading could reinforce the Federal Reserve's restrictive policy stance and put additional downward pressure on digital assets. This comes as recent net outflows from spot Bitcoin exchange-traded funds have already contributed to downside pressure in the market.
Furthermore, the European Central Bank is set to announce its interest rate decision on June 11. Markets are pricing in a benchmark rate of 2.25%, up from 2.00% previously, which could affect global liquidity and sentiment toward risk assets.