Bitcoin Price Prediction As BTC Plummets 5% In A Week, Ahead of The CPI and FOMC Announcements
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The Bitcoin price has dipped 0.1% in the past 24 hours and 5% in the past week, trading at $67,369 as of 3:48 a.m. EST, on a trading volume that soared 10% to $31 billion.
With the plunge, the Bitcoin price has broken the three-day consolidation, with the strong leg down solidifying the break below the ascending parallel channel.
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Meanwhile, BTC prices may undergo an initial dip before rallying with the release of the CPI data today.
🚨 𝗧𝗢𝗗𝗔𝗬'𝗦 𝗖𝗣𝗜 𝗗𝗔𝗧𝗔 𝗜𝗦 𝗛𝗨𝗚𝗘 🚨
#CPI data is coming today at 6 p.m. IST ⏰
CPI Expectations: 3.4%
The June Fed meeting will also start just hours after CPI data is released.
This CPI data will be crucial.🔴 If the CPI data comes in higher than… pic.twitter.com/hE7Ukzoupm
— Wise Advice (@wiseadvicesumit) June 12, 2024
The Consumer Price Index(CPI), which excludes volatile prices for food and energy, will be of special interest. This is because economists view it as a more reliable gauge of price direction since gas and food tend to rise and fall for reasons unrelated to broader inflation trends.
Further, the financial markets are on the lookout for the upcoming Federal Open Market Committee(FOMC) on June 12 (Wednesday).
🥇 $BTC Price Action After Every #FOMC Meeting in 2024.
The next FOMC meeting is today, June 12th. #Bitcoin pic.twitter.com/dhNHMeeDdg
— Crypto Tracker (@CryptoTrackify) June 12, 2024
The Bitcoin and crypto community is poised to assess the implications of the Federal announcement on digital assets, including Bitcoin.
BTC Prediction Statistics Data
- BTC price now – $$67,369
- BTC market cap – $1.34 trillion
- BTC total supply – 19 million
- BTC circulating supply – $19 million
- BTC Coinmarketcap ranking – #1
Read More: Bitcoin Price Prediction 2024 – 2040
The Bitcoin price prediction signals that BTC is moving bearishly on a symmetrical triangle. The BTC is trading below the 50-day simple moving average (SMA) but within the 200-day SMA. If the bulls take control, they might break above the 200-day SMA and fly the price up within the 50-day SMA, signalling a positive momentum.
Further, the Relative Strength Index (RSI) on the 4-hour chart indicates intense selling pressure, with the sellers having the upper hand. The RSI has bounced from the 20-oversold level and sits slightly below the 50 mean level, currently at 38. This signals that the bears are in control of the price, hence intensifying the downward trajectory.
Moreover, the Moving Average Convergence Divergence (MACD) and the signal line (orange band) are in negative territory. The blue average line has crossed below the orange signal line at the neutral level, signalling a shift toward bearish momentum.
Further, the histogram bars flash red, signalling negative momentum in the price movement and supporting the bearish outlook.
Bitcoin Bulls Poised For A Bull Rally: Will They Hit The 50-day SMA?
Even though Bitcoin’s price has dropped from the $69,851 consolidation level and is currently trading below the 50-day SMA, there is still an upward trend in sight. If the bulls exert some pressure, they could potentially push the price back to $69,883, which coincides with the 50-day SMA.
In a highly bullish scenario, the bulls may propel the price to the recent ATH at $71,980.
On the other hand, if the bears continue to dominate under the 50-day SMA, the bullish momentum might weaken, pushing the price to the $66,036 support level.
Bottom Line
With the anticipated CPI data and FOMC announcement, Bitcoin’s price is most likely to be volatile. However, any hints of rate cuts could weaken the dollar and bolster Bitcoin and other digital assets.
Conversely, the reaffirmation of the current rate could strengthen the dollar and exert some downward pressure on crypto markets.
Learn More
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- Most Important Cryptos Other Than Bitcoin – Top 15 Bitcoin Alternatives 2024
- This Week in Crypto: Major Events to Watch
- Next Cryptocurrency to Explode in 2024
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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