Bitcoin (BTC/USD) is currently trading near $67,250 as the market prepares for significant economic events from the US economy. The US will release its Core Consumer Price Index (CPI) month-on-month data, with expectations of stability at 0.3%. The overall CPI is anticipated to show a modest increase of 0.1%, with year-over-year CPI forecasted to hold at 3.4%. These CPI figures are crucial as they provide insight into inflation trends, which directly impact the Federal Reserve’s monetary policy decisions. Higher-than-expected inflation could lead to interest rate hikes, affecting investment flows into riskier assets like cryptocurrencies, while lower inflation could potentially benefit Bitcoin and other digital assets.
At 18:00, the Federal Reserve will announce its Federal Funds Rate, expected to remain unchanged at 5.50%. The Fed’s decision on interest rates is vital as it influences borrowing costs and liquidity in the financial system. Higher rates typically strengthen the US dollar, making it more appealing to investors, which could push Bitcoin prices down as funds flow into safer assets. The Federal Open Market Committee (FOMC) will release its economic projections and statement, providing insights into future interest rate trajectories and economic outlook. Market participants will closely watch these projections for signs of future rate cuts or hikes, which could impact the dollar and the crypto market.
Bitcoin’s current price is at $67,262 after breaching an upward trendline near $69,100 and dropping to a low of $65,985, suggesting a bearish prediction. The green pivot point at $65,985 has provided strong support, triggering a bullish rebound with the formation of a bullish engulfing pattern indicating a potential upward trend. Key price levels to monitor include resistance at $69,174, $71,041, and $73,000, and support at $64,601, $63,456, and $62,179. Technical indicators like RSI and the 50-day EMA suggest slight bearish momentum but with potential for reversal. A buy position above $65,985 with a target at $69,174 and a stop loss at $64,601 is recommended based on the current technical setup.
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Investing in crypto is a high-risk asset class, and caution should be exercised when participating in presale events like 99Bitcoins. This article serves as informational content and does not constitute investment advice. Potential investors should be aware of the risks involved and conduct thorough research before making any investment decisions. The opportunity presented by 99Bitcoins offers a unique chance to learn about cryptocurrency and earn tokens, with the presale providing early access and staking opportunities for interested investors.
