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As U.S. Inflation Reports Approach, Bitcoin Price Consolidates

  • Bitcoin, which reached a strong rise to $48,500 over the weekend, experienced a modest pullback to around $48,000.
  • Several members of the Federal Open Market Committee (FOMC) are scheduled to speak, providing information on the central bank’s monetary policy outlook.
  • Market sensitivity is currently focused on the possibility that the FOMC will not change interest rates at the upcoming meeting.

After Bitcoin price gained significant upward momentum to $48,000, economic data in the US is approaching.

Bitcoin Price Rise Slows Down

bitcoin-btc

After gaining significant upward momentum to $48,000 following the rally to $48,500 over the weekend, Bitcoin’s price recorded a modest pullback to around $48,000. The pause in the recent rally to $50,000 comes as investors are eager to follow this month’s Consumer Price Index (CPI) and Producer Price Index (PPI) data in the U.S.

As the week progresses, investors are anxiously awaiting important economic indicators from the U.S., including the January Consumer Price Index (CPI) and Producer Price Index (PPI) data. Additionally, several members of the Federal Open Market Committee (FOMC) are scheduled to speak, providing information on the central bank’s monetary policy outlook.

Market sensitivity is currently focused on the possibility that the FOMC will not change interest rates at the upcoming meeting. Currently, the Chicago Mercantile Exchange (CME) places the probability of this outcome at 82.5%, indicating stable expectations for the short-term interest rate environment.

Meanwhile, leading crypto analyst Michael van de Poppe noted that Bitcoin is showing strong resistance in the $48,000 to $50,000 range. Van de Poppe sees Bitcoin’s ability to resist these challenges as a positive indicator, suggesting increased strength in the market supported by growing institutional interest. He predicts that Bitcoin could target the $53,000 to $57,000 range before the upcoming halving event.

On the other hand, inflows into Bitcoin ETFs continue strongly. Nine spot Bitcoin ETF funds have attracted over $9 billion in inflows since their launch on January 11. However, BlackRock and Fidelity account for over 66% of this. Caroline Bowler, CEO of BTC Markets Pty crypto platform, stated in a Bloomberg interview that there are signs of increasing institutional entry into the asset class.

Bitcoin Whale Accumulation on the Rise

Popular crypto analyst Ali Martinez mentioned that Bitcoin whales are accumulating and have accumulated 140,000 Bitcoin in the last three weeks alone, with this amount exceeding $6.16 billion. Despite persistent doubts about Bitcoin, Martinez emphasized that the possibility of overcoming support levels should not be overlooked. While a temporary price correction is possible, the next significant resistance level for BTC is quite high, approximately at the $57,000 level.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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