Bitcoin's Direction Ahead Of 'Huge' FOMC Meeting And Key CPI Data: Up, Down Or Sideways?
Portfolio Pulse from Murtuza Merchant
The cryptocurrency market is bracing for significant volatility ahead of the Federal Open Market Committee (FOMC) meeting and key US inflation data releases. Analyst Ted highlights the potential for market-moving events, with Bitcoin expected to fluctuate between $64,900 and $74,300 and Ethereum between $3,399 and $4,014. The market has largely priced out a July rate cut following robust employment data, leading to outflows from spot Bitcoin ETFs. Ted remains optimistic about the overall economic outlook despite short-term fears.
June 11, 2024 | 2:12 pm
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NEUTRAL IMPACT
Bitcoin is expected to experience significant volatility ahead of the FOMC meeting and US inflation data releases. The market has largely priced out a July rate cut, leading to outflows from spot Bitcoin ETFs. Maintaining support at $66,000 is crucial for preserving the shorter-term trend.
The FOMC meeting and US inflation data releases are significant events that could impact Bitcoin's price. The market has largely priced out a July rate cut, leading to outflows from spot Bitcoin ETFs. Maintaining support at $66,000 is crucial for preserving the shorter-term trend.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Ethereum is expected to experience significant volatility ahead of the FOMC meeting and US inflation data releases. The market has largely priced out a July rate cut, leading to outflows from spot Bitcoin ETFs, which could also impact Ethereum.
The FOMC meeting and US inflation data releases are significant events that could impact Ethereum's price. The market has largely priced out a July rate cut, leading to outflows from spot Bitcoin ETFs, which could also impact Ethereum.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80