Bitcoin Price Analysis: BTC Braces for CPI as Economic Data Looms – Key Levels and Trends to Watch
Bitcoin (BTC) touched its minimum bullish target of $70,100 before facing rejection. Amidst the uncertainty surrounding the upcoming release of Consumer Price Index (CPI), inflation rates, and the Federal Open Market Committee (FOMC) decision, the market is bracing for potential volatility.
The overall market sentiment appears to be driving Bitcoin’s price movements as traders anticipate these critical economic events.
What you'll learn 👉
Bitcoin (BTC) Price Analysis
According to the crypto analyst @WiseAnalyze, Bitcoin’s recent decline cannot be attributed to any key movements in stock indices or the Dollar Index. Instead, it appears to be a reaction to the uncertainty surrounding the upcoming economic data releases and the FOMC decision. Consequently, market participants are de-risking in anticipation of potential bearish moves, causing Bitcoin’s price to correct.
The analyst highlights several liquidity pools that could serve as potential support levels for Bitcoin. If the downward trend continues, the nearest liquidity pools are located at $66,155, $65,830, and $64,600. However, a bounce could occur around these levels, but there is no confirmation yet.
Additionally, the 20-month simple moving average (SMA) around $63,080 correlates with May’s Point of Control (POC), suggesting Bitcoin could potentially reach that level within the next week or two if the correction deepens.
With the CPI, inflation rates, and FOMC decision scheduled for Wednesday, June 12th, the analyst warns of increased volatility in the cryptocurrency market. The analyst advises to prepare for potential price swings as the market reacts to these crucial economic events.
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Key Levels and Trends
The analyst also provides several key levels and trend indicators for Bitcoin. The nearest liquidity pools above the current price are located at $70,460, $72,370, and $74,100, while the levels below are at $66,430, $65,600, and $64,233. Additionally, the analyst notes the trend direction across different timeframes, with a downward trend on the daily (D), weekly (W), and monthly (M) charts.
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