Bitcoin Price on the Verge of Crashing Before THESE 2 Events Key Levels to Monitor
Key Takeaways
Market analysts are predicting a significant drop in Bitcoin prices in anticipation of upcoming CPI data and FOMC decisions.
Rising interest rates and weak economic indicators are dampening interest and causing prices to plummet in the cryptocurrency market.
Bitcoin is expected to test the support range of $64,000-$65,000 before the FOMC announces its interest rate decisions.
Today, the cryptocurrency world was rocked by uncertainty surrounding potential changes in interest rates, sparked by a call from Senators Elizabeth Warren, Jacky Rosen, and John Hickenlooper urging the Federal Reserve to consider cutting rates before its next decision.
Bitcoin suffered a 4% decline in the past 24 hours, dropping to $66,700, while Ethereum also saw a decrease, falling to $3,520.
Stay tuned to hear what experts have to say about the current market conditions and where prices may be headed next.
Crucial Week Ahead for Crypto
Renowned crypto analyst Michaël van de Poppe emphasizes the significance of this week, with all eyes on the release of the Consumer Price Index (CPI) data and the upcoming FOMC interest rate decisions scheduled for June 12.
#Bitcoin continues to decline after failing to break above $71,000. It is anticipated that we will see tests around $64,000-$65,000 before a potential market reversal following the FOMC meeting and CPI data.
The Federal Reserve’s stance on interest rates has caused anxiety among investors, leading to increased selling pressure in the cryptocurrency market. Expectations of two rate cuts by the end of 2024 are uncertain, with a September adjustment seeming unlikely.
Uncertainties within the US and disappointing economic data have diverted investors from riskier assets like Bitcoin, resulting in a downward pressure on its value.
Reflecting on Past Trends
Historically, Bitcoin and other cryptocurrencies have experienced corrections before major events, often rebounding afterwards. Traders and investors are cautious, waiting for relevant economic data before making significant decisions.
Upcoming Buying Opportunity for BTC
Bitcoin’s recent struggles follow its inability to surpass the $71,000 mark. Analyst Michaël van de Poppe highlights key price levels and areas of interest, suggesting that Bitcoin may test the support range of $64,000-$65,000.
This support range is crucial as it could provide a strong base for Bitcoin’s price to stabilize before attempting another upward trend. However, if the price dips below this support level, attention will shift to a significant demand zone between $54,000 and $56,000.
With the FOMC meeting and new CPI data on the horizon, market participants are preparing for potential market shifts. Stay informed and be ready for any changes!
Also Read:
Will Clemente Shares Uncertainty Surrounding Bitcoin’s Consolidation Period, Drawing Parallels With 2020 Price Trends
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