Bitcoin is on the doorstep of an "indicator week." As key U.S. economic data are released in a row this week, caution is growing that bitcoin volatility could rise whenever interest-rate expectations wobble.

On March 2 (local time), blockchain media outlet BeInCrypto introduced 5 major U.S. economic events that could shake the bitcoin market this week.

The first variable is the Institute for Supply Management's (ISM) U.S. manufacturing purchasing managers' index (PMI) for February. Market forecasts are 52.0 to 52.3, and readings above 50 indicate expansion in manufacturing activity. A higher PMI reduces expectations for a Federal Reserve rate cut, which could negatively affect bitcoin. If the index falls to 50 or below, expectations for a rate cut could grow, strengthening upward pressure on bitcoin.

The second is the ADP private employment report from U.S. payrolls firm Automatic Data Processing, to be released on March 5. The market expects an increase of 50,000 jobs, and 60,000 to 75,000 or more is interpreted as a sign the labour market remains strong. That could raise the likelihood the Fed maintains rate increases and weigh on bitcoin. If job growth falls to 40,000 or below, expectations for rate cuts could revive and have a positive effect on bitcoin.

The third is the services PMI. The ISM services PMI, released on March 5, reflects activity in the services sector, which accounts for 70 percent of the U.S. economy. A strong services reading is interpreted as a sign of economic recovery, but it could support the Fed's tightening stance and put downward pressure on bitcoin.

The fourth is weekly jobless claims, released on March 6. The forecast is 215,000 claims, a slight increase from 212,000 the previous week. If jobless claims fall, it is interpreted as a sign the labour market is solid, reducing the likelihood of rate cuts and potentially weighing on bitcoin.

The final variable is the non-farm payrolls (NFP) report, released on March 7. The market expects an increase of 54,000 jobs, seen as a sharp slowdown from 130,000 in January. The unemployment rate is expected at 4.3 percent and hourly wages are expected to rise 0.3 percent from the previous month. If employment data come in stronger than expected, the likelihood of Fed rate increases could rise and bitcoin prices could fall. If job growth drops to 40,000 or below, expectations for rate cuts could strengthen and spur gains in bitcoin.

This week's indicators are likely to reset market expectations over the timing of rate cuts and could determine bitcoin's near-term direction. If manufacturing and services PMI data and employment indicators come in stronger than expected, a stronger dollar and upward pressure on interest rates could increase and weigh on bitcoin. If signs of an economic slowdown become clearer, expectations for easing could revive and provide momentum for a rebound, some observers say.