 ▲ Bitcoin (BTC) |
The price of cryptocurrency leader Bitcoin (BTC) is trading at around $67,000 as of the 13th (Korean time).
The price of Bitcoin rapidly rebounded to $70,000 the previous day due to indicators of a slowdown in the growth rate of the U.S. Consumer Price Index (CPI).
However, the U.S. Federal Reserve (Fed) took a somewhat hawkish stance (preferring monetary tightening) at the regular meeting of the Federal Open Market Committee (FOMC), giving back all of the increase.
However, famous cryptocurrency analyst Michaël van de Poppe diagnosed through X on this day, “Based on the daily chart, Bitcoin is still supported in important positions.”
He continued, "The May CPI showed mixed signals, falling below the results of the Fed's hawkish (preferring monetary tightening) Federal Open Market Committee (FOMC) meeting the previous day and the forecast, but U.S. Treasury yields and the dollar index (DXY) are showing a clear downward trend. He expressed optimism, saying, “We expect strong momentum in the cryptocurrency market, which tends to be decoupled from the dollar index.”
On the other hand, Nicholas Merten, operator of the cryptocurrency market analysis YouTube channel DataDash, warned through a YouTube broadcast that “if Bitcoin fails to break through major resistance levels, a large-scale adjustment may be accompanied.”
Merton explained, “BTC has been encountering strong resistance in the $71,500 to $72,500 range. This suggests that there is strong selling pressure from whales and that a correction could come soon.”
