Türkçe
Español
Bitcoin (BTC) price started trading below the significant $70,000 after a weekend drop. Last week, BTC experienced a significant rise. Additionally, altcoins and especially meme tokens like Pepe, Notcoin, and GameStop benefited from the rise.
Support Level in BTC
If Bitcoin finds support at $68,000, interest in the cryptocurrency could significantly increase as investors await the next attempt to reach all-time highs. The US Federal Open Market Committee will begin its session on Tuesday, June 11, to discuss fundamental economic policies regarding inflation and interest rates.
Similarly, the US Consumer Price Index (CPI) report, used to measure the inflation trend, will be released on June 12. Economists predict the CPI will match the previous 3.4% at 3.4%. This data could help central bank officials at the FOMC confirm the bank’s economic outlook.
Critical Process in BTC
Investors need to be cautious and prepared for fluctuations throughout the week. However, it seems unlikely that the FOMC meeting will lead to a change in interest rates. The largest cryptocurrency was trading at $65,375 on Monday, below key indicators like the 20-day exponential moving average (EMA) and the 50-day EMA on the four-hour chart.
Additionally, Bitcoin is below the middle boundary of the Bollinger Bands. However, it is important to pay attention to the narrowing of the bands. In other words, BTC might be preparing for a breakout that could be determined by the market’s reaction to the CPI report and the FOMC meeting. The closer the Bollinger Bands get, the bigger the breakout could be.
Therefore, a breakout above the $69,642 resistance could confirm an uptrend and increase the chance of a return above $70,000. This situation has been against the bulls, and if this level is not demanded for a longer period, selling pressure could increase. Such an outcome could push BTC below $68,000 and make the support at $66,000 reachable.
