As an experienced financial analyst, I believe that the current trend in the cryptocurrency market is bullish, with Bitcoin leading the charge. The recent flat CPI data from the US Bureau of Labor Statistics and the ongoing FOMC meeting have not dampened investor sentiment, as many are optimistic about potential positive remarks from Jerome Powell, the Fed’s chair.
The price of Bitcoin advanced notably on Wednesday, fueled by growing expectations surrounding the upcoming release of the US Consumer Price Index (CPI) figures for May. However, these expectations were not met as the index showed no change during the month.
During the US trading hours on Wednesday, Bitcoin was priced at $69,430. It appears poised for further growth this week. In the last 24 hours, Bitcoin has experienced a 4% rise, recovering from its dip to $66,000 the previous day.
Moving upward in the crypto market are altcoins such as Toncoin (TON), Dogecoin (DOGE), Solana (SOL), and Ethereum (ETH). These coins are currently driving the uptrend, which has contributed to a 3.4% increase in the total market capitalization, now sitting at $2.66 billion.
Bitcoin Price At $80,000 Beckons As US CPI Data Comes In
As a crypto investor, I’ve experienced an exhilarating couple of days in the digital currency market. The anticipation leading up to the release of inflation data and the highly-awaited Federal Open Market Committee (FOMC) meeting commenced on Tuesday.
As an analyst, I’d rephrase it as follows: The Consumer Price Index (CPI) reported by the Bureau of Labor Statistics stayed the same in May compared to the previous month. However, a yearly analysis revealed a 3.3% increase.
Experts anticipated a 0.1% monthly increase and a 3.4% annual hike in the Consumer Price Index (CPI) for May. Regarding the core CPI, which adjusts for food and energy prices known to fluctuate significantly, analysts forecasted a 0.3% monthly growth and a 3.5% yearly increase instead of the observed 0.2% month-over-month rise and 3.4% annual percentage change.
The gentler Consumer Price Index (CPI) report emerges on the final day of the Federal Open Market Committee (FOMC) meeting, potentially offering clues about the Federal Reserve’s intentions for their first interest rate reduction. However, investors are not anticipating a rate cut declaration from the current gathering. Optimistic statements and comments from Jerome Powell, the Fed chairman, could fuel a favorable perspective for Bitcoin and the cryptocurrency market.
Bitcoin Price Analysis: Assessing Short-Term Technical Picture
As a technical analyst, I’ve examined the four-hour chart and identified a robust structural setup for the largest digital asset. The MACD indicator has triggered a buy signal, suggesting an opportune moment to enter a long position in this market.
Bitcoin currently hovers above its Exponential Moving Averages (EMAs), surpassing the thresholds set by the 20-day, 50-day, and 200-day averages. This development is welcome news for traders as they navigate the market with Bitcoin trading above $70,000.
As a crypto investor, I believe that beyond our current level, the focus of the market will shift towards two significant levels: $72,000 and the previous all-time high near $74,000. With an optimistic outlook, Bitcoin’s price could close June at an impressive $80,000, bolstered by increasingly positive sentiment among investors, particularly those in the stock market.
Bitcoin ETF Volumes On The Rise
In January, the United States granted approval for Bitcoin Exchange-Traded Funds (ETFs), marking a significant turning point for the cryptocurrency market. With this development, investors gained the opportunity to purchase Bitcoin shares on esteemed stock platforms, such as Nasdaq, in a straightforward and exchange-traded manner.
As a crypto investor, I’m excited about the growing interest in Bitcoin, which is boosting its demand and enhancing the overall positive sentiment towards it. With this trend continuing, it’s quite possible that we could see a new record high for BTC before the halving event in April even occurs.
As a crypto investor, I believe that as more institutions jump into Bitcoin investment, the demand for this digital currency will surge, leading to an increase in its price. Additionally, the ongoing Bitcoin halving event is set to decrease the supply of new coins entering the market. Consequently, these two factors are likely to create a perfect storm, potentially pushing the price towards $100,000 by year-end.
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2024-06-12 18:58