- Amidst current price fluctuations, BTC continues to trade within a wedge formation.
- If the price remains above the trendline, a successful breakout from the wedge formation can be expected.
- Next week, US inflation data and the Federal Reserve’s interest rate will be announced.
As Bitcoin continues to trade below $27,000, critical economic data in the US is approaching!
Will Bitcoin Fall Below $25,000 Again?
Amidst current price fluctuations, BTC continues to trade within a wedge formation and is currently positioned above an important trendline on the daily timeframe.
If the price remains above the trendline, a successful breakout from the wedge formation can be expected, resulting in a 20% to 25% increase. In the event of a rejection, a drop towards $21,500 is inevitable.
BTC/USDT 1 Day Price Chart
In a surprising development, over 1400 BTC from an address that has been inactive for over 10 years has become active again. A transaction of 1432.92 BTC was sent in block 793344, and a new wave of volatility can be expected in the markets. In addition, US CPI and FOMC (Federal Open Market Committee) are scheduled for next week, which could further increase volatility.
In the long term, the leading cryptocurrency Bitcoin continues to maintain a bullish trend, and the current downturn may resemble an accumulation period for the upcoming rise. Therefore, in the short term, the levels mentioned above should be closely monitored to determine the next move for BTC price.
US CPI and Fed Interest Rate Announcement Approaching
Cryptocurrencies can be affected by critical economic developments in the US, creating volatility in the market. Next week, US inflation data and the Federal Reserve’s interest rate will be announced.
US annual inflation data will be announced on Tuesday, June 13th at 3:30 PM Turkish time. The previous year’s annual inflation data was announced as 4.9%. The Federal Reserve (FED) will announce its interest rate decision on Wednesday, June 14th at 9:00 PM Turkish time. The current interest rate is 5.25%
Currently, the markets expect interest rates to remain unchanged. According to CME Group’s expectations, the probability of interest rates remaining unchanged is 70.1%. The probability of a 25 basis point increase in interest rates is 29.9%. The FED raised interest rates by 25 basis points at its previous meeting.
