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In the last 24 hours, the Bitcoin price surged to $67,700 but has now erased over a thousand dollars and is on the brink of further losses. The weekend presented a good opportunity for market gains, but BTC is struggling to maintain its earnings. Despite the recent inflation data, which was expected to encourage bulls, the direction remains uncertain for now.
Bitcoin Declines
On Wednesday, the Fed minutes will be released, and we may see discussions on additional tightening measures. Some members commented that further rate hikes might be necessary before the April inflation data arrives. Fortunately, despite the poor PPI data, April inflation was favorable. However, the Fed minutes could still be a concern for investors as they may contain details about the interest rate path.
On the other hand, the Iranian President’s helicopter crashed, raising fears that it might turn into an assassination story and escalate Iran-Israel tensions. We vividly remember the negative impact of geopolitical risks on risk markets, including crypto, as it happened just a few weeks ago.
For crypto investors, closures below $65,500 will be risky, and attention will be on the key area in the coming hours. Bitcoin has currently bottomed at $66,000 and is not moving quickly towards a deeper correction. At the time of writing, BTC has recovered to $66,320.
