Bitcoin
This is where BTC could reach a new all-time high
The price of Bitcoin returned to trading below US$70,000, after losing ground over the weekend. Last week was bullish for BTC – also for altcoins and especially among meme coins like Pepê, Notcoinand GameStop.
If Bitcoin secures support at $68,000, interest in the giant coin will grow significantly as traders eagerly await its next attempt to reach new all-time highs.
What to expect this week as the Fed holds its FOMC meeting?
The Federal Open Markets Committee will begin its session on Tuesday, June 11, to deliberate on the main economic policies related to inflation and interest rates. Similarly, the US Consumer Price Index (CPI) report, used to assess inflation trends, will be released on June 12.
Economists project the CPI at 3.4%, matching the previous 3.4%. This data will help central bank officials at the FOMC affirm the bank’s outlook on the economy.
Traders should anticipate volatility throughout the week, which requires caution from investors. However, the FOMC meeting is unlikely to result in a change in interest rates.
Market watchers say the Fed could make the first interest rate cut in September.
Bitcoin Price Analysis: Signs of Narrowing Bollinger Bands
The largest cryptocurrency hovered at $65,375 on Monday, below key indicators such as the 20-day exponential moving average (EMA) in blue and the 50-day EMA in red on the four-hour chart.
Bitcoin it is also below the middle limit of the Bollinger bands. However, it is important to pay attention to the narrowing of the bands. In other words, BTC is preparing for a breakout whose direction could be decided later in the week as the market reacts to the CPI report and the FOMC meeting.
Bitcoin Price Chart | Trading view
The more the Bollinger Bands converge, the bigger the breakout could be. Therefore, a break above the resistance at $69,642 could affirm the uptrend and increase the chances of a return above $70,000.
To remember Bitcoin Price Prediction It recently broke the ascending trendline support. This was a disadvantage for the bulls – and if this level is not recovered for much longer, selling pressure will increase. Such an outcome could push BTC below $68,000 and bring $66,000 support within reach.
The Relative Strength Index (RSI) reinforces bearish control over the trend, but bulls still have time to fight for control as the RSI moves sideways at 45. If the decline continues into the oversold region, the downward path lower resistance will lean more towards the oversold region. south.
An uptrend will begin to form for a breakout above $70,000, supported by the constriction of the Bollinger Bands.
Considering the bullish outlook for Bitcoin ETFs with a total daily net inflow of $139 million on Friday, market sentiment remains positive. Furthermore, the Bitcoin futures market recently reached a new record above $37.5 billion, consolidating the bullish outlook.
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