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Bitcoin Price Forecast: Why did BTC crash before the FOMC meeting?

June 12, 2024 07:40Follow Financial Investment on 

(ĐTTCO) - Bitcoin (BTC) retests the $67,000 support mark as the Fed begins the FOMC meeting. CPI data released on June 12 could determine whether BTC is bullish or bearish, with $72,000 and $64,000 seemingly within reach.

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A new sell-off trend is gaining momentum in the cryptocurrency market ahead of the Federal Open Market Committee (FOMC) in June, after losing support at $70,000 last weekend and $68,000 last week. On Tuesday, June 11, Bitcoin price signaled an extended downtrend at $66,000.

Meanwhile, it's been a big week for investors in both the stock and cryptocurrency markets. In addition to the FOMC meeting scheduled to begin during US business hours on Tuesday, the Bureau of Labor Statistics (BLS) will release the Consumer Price Index (CPI) on Wednesday, June 12.

Bitcoin is not the only digital asset in the red, major altcoins are also suffering from increasing volatility. Ethereum is down nearly 4% in 24 hours and 6.5% in 7 days, hovering at $3,530 at the time of writing.

Binance Coin (BNB) is finding support at $600 after exploding above $700 last week. Solana appears to be finding support at $150 after abandoning its previous uptrend targeting $200.

Cumulatively, the total cryptocurrency market capitalization has lost more than 3% of its value to $2.58 trillion.