BTC price focuses on $26K as Bitcoin traders brace for CPI volatility

On June 13, Bitcoin (BTC) surged back above $26,000 as analysts observed resistance levels above it.

Bitcoin price inches between trend lines

Data from both Cointelegraph Markets Pro and TradingView indicated that BTC/USD was attempting to regain the $26,000 support level following the end of the day.

The duo had observed a remarkably uneventful beginning to the week, despite the continuing repercussions of the United States’ legal action and markets waiting for a large quantity of macroeconomic data to be revealed.

Since the middle of the weekend, Bitcoin has stayed within a tight range.

Crypto Tony, a well-known trader, commented in his Twitter analysis for the day that it was a dangerous time for any major trades, but that there was potential for growth should the support switch take place.

The Decentrader trading suite has identified several resistance levels that must be surpassed. It has also observed that funding rates are increasing, suggesting that a trend reversal may already be in progress.

Other traders, such as Moustache and Eight’s founder and CEO Michaël van de Poppe, have observed that BTC/USD is still maintaining the trend lines, which could be a sign of positive prospects – particularly the 21-week and 200-week exponential moving averages (EMAs).

Van de Poppe commented the day before that it would be seen in the coming days whether the downward slope would be sustained or not.

CPI day arrives

Macroeconomic data to be released for the week focuses on the Consumer Price Index (CPI), which is scheduled for June 13th – one day prior to the Federal Reserve’s announcement of any changes to interest rates.

Five things to be aware of regarding the SEC, CPI and a ‘strong rebound’ in the Bitcoin market this week.

The Fed is predicted to halt the series of interest rate hikes, which would come after ten consecutive increases and signify a much-anticipated shift in policy.

Although a potential benefit for risk assets, including crypto, not everyone was optimistic about the effects of a rates pause.

The Long View analytics account commented in a recent Twitter post that, while the Fed is likely to remain hawkish, the more important issue is whether or not they will keep interest rates where they are (which would constitute a tightening of policy) if inflation continues to decrease.

At the time of writing, the CME Group’s FedWatch Tool estimated the likelihood of a freeze to be around 75%.

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