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Major cryptocurrencies have been on a roller coaster ride this past week as waves of news hit the markets. Investors are busy trying to figure out answers from US CPI and PPI data early this week, negative inflows into spot ETFs, and capitulation among Bitcoin miners. The key question on everyone’s mind is: Has Bitcoin begun a long-term correction, or is this just a temporary bump?
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Understanding the changing economic landscape
Recent U.S. economic data, such as the Consumer Price Index (CPI) and Producer Price Index (PPI), have been good news for risk assets like Bitcoin. These numbers suggest low inflationary pressures, which is often helpful for assets that are considered safe havens during times of economic uncertainty.
However, despite positive economic signals, the Fed’s cautious approach to potential rate cuts has also added to the market’s “fear of missing out.” The next FOMC meeting and its updated forecasts will provide more insight into the Fed’s interest rate plans, which will affect investors’ views on Bitcoin and other markets.
Evaluating trade setups
In the current situation, Ted believes that Bitcoin must remain above $66,000 to remain stable. If Bitcoin maintains above this level, it may boost confidence and attract more buyers. However, a drop below $66,000 may lead to selling pressure and price declines, which will have a negative impact on market sentiment.
Traders are closely watching Bitcoin’s weekly trading range of $65,100 to $74,100 and Ethereum’s weekly trading range of $3,388 to $4,025. These ranges can provide insight into market expectations and potential price action for cryptocurrencies.
Wider investment trends
It is worth noting that US technology stocks such as the Nasdaq hit new highs due to expectations of central bank monetary policy. This divergence between technology stocks and Bitcoin suggests that a broader market sentiment shift could affect Bitcoin's performance. With clarity on key economic announcements, investment inflows into Bitcoin-related ETFs (a key market sentiment indicator) are expected to resume.
Ethereum’s potential and global economic factors
Analysts believe Ethereum could overtake Bitcoin in the cryptocurrency market. The prospect of Wall Street launching an Ethereum ETF has bolstered its potential, indicating institutional interest in cryptocurrencies other than Bitcoin.
Meanwhile, interest rate decisions by the Swiss National Bank (SNB) and the Reserve Bank of Australia (RBA) will also affect economic stability and investor confidence. A rate cut this week is unlikely, but signs of future interest rate changes could affect global market sentiment.
in conclusion
Overall, Bitcoin is currently 10% below its all-time high of $73,750, and a 20-30% drop is normal for such a volatile asset. However, the overall trend remains positive and the current correction provides investors with an opportunity to buy on the dip. Bitcoin is currently trading at $65,965 and is eagerly awaiting further developments that could influence its direction.
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