 ▲ Bitcoin (BTC), Dollar (USD) © Coin Leaders |
Cryptocurrency leader Bitcoin (BTC) has been trading in the $69,000 range over the past 24 hours.
As of 6:21 a.m. on the 11th, Korean time, the price of Bitcoin, the No. 1 cryptocurrency in market capitalization, is recording $69,592, down 0.15% from 24 hours ago based on CoinMarketCap.
Bitcoin showed a steady trend this week amid caution ahead of the U.S. inflation index and the Federal Reserve's interest rate decision.
Investors this week paid attention to the May Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) meeting.
Michaël van de Poppe, a cryptocurrency analyst with about 719,000 X followers, said through “It would be huge if it breaks through, but it is common to take a conservative approach in the week leading up to the US CPI,” he said.
Meanwhile, according to CoinDesk, QCP Capital, a Singapore-based cryptocurrency trading company, diagnosed that “a good buying opportunity has emerged as the U.S. non-farm employment indicator exceeded market expectations and Bitcoin and Ethereum (ETH) showed relative weakness.”
He continued, “It will be difficult for the United States not to consider lowering interest rates in a situation where other countries such as Canada and the European Union (EU) are cutting interest rates. If the Federal Reserve cuts interest rates at least once in the future, the market will also rebound.” analyzed.
Cointelegraph also cited Glassnode data and said, "The rally is expected to continue as the realized price of Bitcoin's short-term holding address reached $64,000."
Short-term holding addresses are addresses that purchased before and after the approval of the BTC spot ETF in January, and their realized prices can act as support.
Additionally, according to IntotheBlock data, approximately 2.22 million addresses purchased 1.3 million BTC at a BTC average price of $68,958.
The media added, "Along with the realized price of short-term holding addresses, this section can also serve as a support line. Even if selling occurs in the market, there is a high possibility that the aggressive buying of these groups will absorb the selling volume."
