Bitcoin’s Crucial Week: What to Watch For

As Bitcoin enters a critical week, analysts are keeping a close eye on several factors that could determine its short-term trajectory.

Economic Indicators

Last week’s economic data, such as the CPI and PPI, showed signs of disinflation, which is positive for risk assets like Bitcoin. However, the Federal Reserve has cautioned against being too optimistic about imminent rate cuts.

FOMC Meeting

The Federal Open Market Committee (FOMC) meeting this week will be a key event. The revised dot plot is expected to indicate a more conservative outlook on rate cuts compared to March’s projections.

Support Level

Maintaining the $66,000 support level is crucial for Bitcoin. If broken, sellers could gain control and force liquidations.

Trading Ranges

Analysts expect Bitcoin to trade between $65,100 and $74,100 this week, while Ethereum is projected to fluctuate between $3,388 and $4,025.

External Factors

The performance of US tech stocks, particularly the NASDAQ, is also being watched. The NASDAQ’s recent all-time highs suggest that investors are anticipating a more accommodative monetary policy.

Ethereum’s Performance

Ethereum could start to catch up to Bitcoin, especially with the anticipated launch of spot Ethereum ETFs on Wall Street.

Central Bank Decisions

Rate decisions from the Swiss National Bank and the Reserve Bank of Australia are also on the radar, although no rate cuts are expected.

ETF Flows

Strong ETF flows are essential for maintaining liquidity and supporting Bitcoin’s price.

Conclusion

This week is pivotal for Bitcoin and the crypto market. The interplay of disinflation, Fed communications, key support levels, and external factors will shape the market’s direction. Analysts believe that dips could present buying opportunities for risk assets like cryptocurrencies and stocks.

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