You can also find out more about the following: beginning of July has not been bullish for the Bitcoin Due to several events which have shocked the crypto market, it hasn’t performed as well as previously expected. Spot Ethereum ETFs were not launched on July 2, as anticipated, and reports indicate that the US government and German authorities have sold large quantities of cryptocurrency. BTC. On July 11, the CPI is predicted to release its data.
CPI data could change the narrative for crypto
Crypto analyst CrypNuevo has taken to X, formerly Twitter. share What do they think about the Bitcoin Price? next. The pointer upcoming CPI dataCrypNuevo says that the CPI figures that are expected to be published on Thursday 11th July could indicate a possible rate reduction.
Related Reading
This could be a sign that inflation is going to fall. immediate rate cut Or at least, a future rate reduction by the Fed. Such rate reductions would, as in the past, be beneficial to the Bitcoin price.
“A rate cut or an imminent rate cut announcement would be greatly received in the crypto market and I believe that we would see prices going up aggressively in that case,” Analyst said: “I don’t discard that if we get a good CPI on Thursday, we see that reversal for that day, because the market tends to price-in what’s to come from the FED,” CrypNuevo further explains.
What is the future of Bitcoin?
Crypto analysts use the BTC 1-Day chart This analysis showed an odd wick, which is expected to be filled. The analyst believes that the current price is not over. This is the $53,400 candle that was lit in early July, before the recovery of the stock market. First, the analyst anticipates that the candlestick will have at least 50 percent of its wick filled. This has already occurred over the past weekend. when the price fell to $54,000.
Related Reading
Crypto analyst may expect that price will rise if the wick is 100% filled. falling to this level The price could bounce back from here. There is a possibility that this price will fill up and then fall further.
The crypto analyst thinks that in such a scenario, $51,700 will hold. the Bitcoin price. It means this is the next Support level to be held by bulls. If bulls recover, they will likely be able to see the price barrel toward $60,000The analyst believes that Bitcoin is currently at a resistance level of $60,000.
Featured image was created using Dall.E chart, from Tradingview.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com