The price of Bitcoin (BTC) at the beginning of this week stands at $69,358, representing an increase from last week’s $67,774. The next higher resistance levels are at $69,506 and $71,916. The next lower support levels are observed at $67,614 and $66,266, as determined by Fibonacci indicators.
Market-Moving Events to Watch for This Week
Several key macroeconomic events this week may influence Bitcoin prices. Here’s a summary:
- Wednesday, June 12, 2024: UK, GDP (MoM) (Apr) (Expected value: 0.0%). A stagnant GDP growth may signal economic caution, potentially affecting Bitcoin trading volumes.
- Wednesday, June 12, 2024: Germany, German CPI (MoM) (May) (Expected value: 0.1%). A slight rise in the CPI may indicate inflationary pressures, potentially leading investors to hedge with Bitcoin.
- Wednesday, June 12, 2024: USA, CPI (MoM) (May) (Previous value: 0.1%). Stability in the CPI could suggest controlled inflation in the US, which may stabilize Bitcoin prices temporarily.
- Wednesday, June 12, 2024: USA, Fed Interest Rate Decision (Expected value: 5.50%). An interest rate adjustment by the Fed may have a significant impact on financial markets, including Bitcoin. Higher rates could dampen investment in risk assets like cryptocurrencies.
- Thursday, June 13, 2024: USA, Initial Jobless Claims (Expected value: 222K). Lower-than-expected jobless claims may signal economic strength, potentially boosting investor confidence in Bitcoin.
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Disclaimer
It’s important to note that the information provided is not intended as financial advice. The views expressed here solely represent the writer’s opinion based on the outlined market events. As with any investment, conduct thorough research and consider personal circumstances before making decisions in the volatile world of cryptocurrencies.
