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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, investor interest in the cryptocurrency could significantly increase as they 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 inflation trends, 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 blue 20-day exponential moving average (EMA) and the bearish momentum 50-day EMA on the four-hour chart.
Additionally, Bitcoin is below the middle boundary of the Bollinger Bands. However, it is important to note the narrowing of the bands. In other words, BTC might be preparing for a breakout that could determine its direction within the week as the market reacts 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 upward trend and increase the chance of a return above $70,000. This situation has been unfavorable for 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.
