In the last 24 hours, the Bitcoin price surged to $67,700 but has since erased over a thousand dollars and is on the brink of larger losses. The weekend provided a good opportunity for market gains, but BTC is struggling to maintain its profits. Despite expectations for bulls to gain more confidence following the latest inflation data, 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 were commenting that further rate hikes might be necessary before the April inflation data was released. Fortunately, despite poor PPI data, April inflation came in good. However, the Fed minutes could still be a source of concern for investors as they may contain details on 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 remember how geopolitical risks have had adverse effects on risk markets, including crypto, just a few weeks ago.
For crypto investors, closures below $65,500 will be risky, and eyes will be on the key region 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.
