Bitcoin price quickly lost the excitement caused by US inflation data being below expectations. On June 13, as markets awaited the next US inflation data, Bitcoin gave back the previous day’s gains. So, what’s next?
What is the latest situation for Bitcoin price?
Market data shows that the price route has reversed, although BTC/USD briefly surpassed $70,000 after the daily close. The subsequent move saw a new low of $66,983 on Bitstamp, and at press time Bitcoin was down around 1.3% on a daily basis. Lower-than-expected data from the Consumer Price Index (CPI) created excitement. At the same time, the Federal Reserve’s interest rate meeting continued the tightening policy as expected. However, the statements made by Fed Chairman Jerome Powell at the press conference made risky assets uneasy. As we reported as Kriptokoin.com, Powell reiterated that interest rate cuts are not on the agenda in the near future. He used the following statements:
We think the policies are tightening. And ultimately, if you just keep policy rates at a tightening level, eventually you’re going to see a real weakening of the economy. So, our thinking has always been that since we raised rates to this level, we’ve always hinted at rate cuts at some point.
According to data from CME Group’s FedWatch Tool, markets have reduced the odds of a rate cut by the Fed at its September meeting by about 10%. Financial commentator Tedtalksmacro (formerly Twitter) expressed his reaction as follows: “Today’s FOMC meeting definitely struck a more hawkish tone. However, the market has already priced in this scenario. The main result is that it is understood that deflation continues with the CPI data. This is quite clear from the movement of stocks. “The cryptocurrency market will also follow this trend.”
Analysis: $69,000 is key for “range” Bitcoin price
Trading resource Material Indicators, which examines Bitcoin price dynamics, revealed the role of Bitcoin whales in the day’s price volatility. “Watching Bitcoin’s morning rally completely pull back is further proof that these Killer Whale Games are happening exactly as I outlined in my analysis from Friday,” the analysis source said. said. Using external factors such as US macro data as a stage, Material Indicators cited ongoing changes in order book liquidity, which they noted was driving the price both up and down.
He emphasized that from a broad perspective, the picture remains the same and $69,000 is the key level that should be established as support. “Everything you need to know is in the charts,” he wrote. “What is most important to me is that we do not see a lower bottom and BTC eventually confirms an R/S reversal at $69,000. Until then, BTC will remain spaced out.” he added.
Whales are buying
According to CoinGecko data, Bitcoin started to lose value after rising above $ 69,000 yesterday evening. Today, it started the day just below $67,500. However, interestingly, after the price drop, signals emerged that whales were taking action. Blockchain analysis platform Lookonchain shared that whales started collecting Bitcoin after its price dropped.
According to BitInfoCharts data, two wallets, which were opened on May 27 and have not made any significant transactions since then, withdrew a total of 2,000 Bitcoins from the Binance exchange today. This move occurred at a time when the Bitcoin price was $67,491.
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