The higher-than-anticipated US core Consumer Price Index (CPI) reading was followed by a decline in Bitcoin (BTC) price as it tumbled almost 1.5% to $56,168 at press time. US Headline CPI Matches Forecast, Core CPI Exceeds It US headline CPI, the metric typically used to assess the inflation rate in the country, came in according…
Bitcoin prices are hovering near $70,000, bouncing from a critical dynamic support line, evident in the daily chart. Even though bulls have yet to breach $72,000 and break above March 2024 highs, traders are optimistic about what lies ahead. Bitcoin Bulls In Charge: Analyst Targets $85,000 Taking to X, one analyst believes the world’s most…
Some analysts were frightened by the recent drop in Bitcoin prices. Though the coin is showing signs of strength, multiple leveraged longs were liquidated early this week. In a post on X, one analyst thinks Bitcoin might have just found support, bottoming up after the contraction this week, pushing it lower from the multi-week range established in…
Bitcoin, the most valuable crypto asset, is at a critical juncture at spot rates if candlestick formation in the weekly chart is anything to go by. One analyst on X, formerly Twitter and NewsBTC Editorial Director Tony Spilotro, is sounding the alarm after picking out the bearish head-and-shoulder pattern in the weekly chart. Will Bitcoin Crack?…
On Thursday, the Governing Council of the European Central Bank (ECB) announced that it was raising “three key ECB interest rates” by 25 basis points (BPS) in a move similar to the one taken by the United States Federal Reserve. The US Federal Reserve, on Wednesday, increased its fund rates by an additional 25 BPS,…
In the world of financial markets, Bitcoin and crypto, fear and uncertainty often dominate the headlines. Over the past few months, there has been growing speculation about an impending recession and the possibility of a major crash in risk assets. Theses such as Bitcoin will rise to $40,000 and then crash are currently in abundance.…
As Bitcoin became a more mainstream asset, its correlation with the stock market rose which meant it has been impacted by world events to a higher degree than it did before. This is evident with the asset’s reaction to the rising inflation and the Fed’s continuous hiking of interest rates. However, there seems to be…
With today’s release of the Personal Consumption Expenditure (PCE) price index by the Bureau of Economic Analysis, the Bitcoin market just experienced the most important macro event of the week. Ahead of the Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) on May 2-3, all eyes were on the PCE today. The…
Bitcoin and the broader crypto market rapidly reversed course in response to the U.S. Federal Reserve’s announcement of a 50-basis-point increase in interest rates, erasing any gains made before the disclosure. The Federal Reserve has been steadily raising interest rates in an effort to ease the economy and rein in inflation, which has driven prices…
The impact of macroeconomic factors on crypto and Bitcoin is increasing as inflation gets stronger. Both the crypto and the traditional market are facing a raging storm. Many international bodies fear that a possible global recession will soon break out. Another round of volatility has commenced in the crypto market. The cause is the US…