The beginning of July has not been bullish for the Bitcoin and crypto market as earlier anticipated as a result of quite a few occasions which have shaken the market. For instance, the Spot Ethereum ETFs didn’t debut on July 2nd as anticipated, and the US and German governments have been reportedly promoting massive tranches of BTC. However, a flip within the tide could possibly be coming for Bitcoin and crypto at massive because the CPI information is anticipated to drop on July 11.
CPI Data Could Move The Narrative For Crypto
Crypto analyst CrypNuevo took to X (previously Twitter) to share their ideas on the place they anticipate the Bitcoin worth to be headed subsequent. Pointing to the upcoming CPI data, CrypNuevo explains {that a} price lower could possibly be imminent within the CPI information that’s anticipated to be launched on Thursday, July 11.
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With the inflation information anticipated to come back in decrease, this might level to an immediate rate cut or at the very least an extra price lower by the Fed going ahead. Naturally, such price cuts can be good for the Bitcoin worth as they’ve been previously.
“A rate cut or an imminent rate cut announcement would be greatly received in the crypto market and I believe that we would see prices going up aggressively in that case,” the analyst stated. “I don’t discard that if we get a good CPI on Thursday, we see that reversal for that day, because the market tends to price-in what’s to come from the FED,” CrypNuevo explains additional additional.
Will The Bitcoin Bearish Trend Continue?
For the evaluation, the crypto analyst used the BTC 1-Day chart which confirmed a fairly peculiar wick that the evaluation expects to be crammed. This wick is the $53,400 wick that occurred in early July earlier than the market restoration, however the analyst doesn’t consider that it’s over for the worth. Firstly, the analyst expects at the very least 50% of the wick to be crammed, one thing that already occurred over the weekend when the price fell to $54,000.
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On to the subject of the wick being 100% crammed, it could possibly be bullish for the worth because the crypto analyst expects that falling to this level might see the worth bounce from right here. However, there may be additionally the chance that the worth fills this wick after which falls additional down.
In such a case, the crypto analyst believes that $51,700 would maintain for the Bitcoin price. This implies that this might be the following help degree for bulls to carry. A restoration from right here would probably see the price barrel toward $60,000, however the analyst maintains that $60,000 is now resistance for Bitcoin.
Featured picture created with Dall.E, chart from Tradingview.com
