At a time when significant developments are expected in the US economy, Bitcoin (BTC/USD) is trading around $67,360. The monthly US Core Consumer Price Index (CPI) data, which will be announced at 15:30 today, is expected to remain stable at 0.3%. At the same time, the overall CPI is projected to increase by 0.1% from the previous 0.3%, and the annual CPI is forecast to remain at 3.4%. This CPI data provides important information about inflation trends and directly affects the Federal Reserve's (Fed) monetary policy decisions.
Higher-than-expected inflation rates could cause the Fed to raise interest rates to control price increases. This can often negatively impact investments in risky assets such as Bitcoin.
On the other hand, low inflation rates may allow the Fed to pursue a more moderate policy. This may encourage investors seeking high returns to turn to Bitcoin and other digital assets and increase the value of these assets.
Markets are closely monitoring the release of these data and are preparing to adjust their positions based on the results.
How Federal Reserve Rate and FOMC Affect Bitcoin Price
The Federal Reserve will announce the Federal Funds Interest Rate, which is expected to be 5.50 percent at 21:00 today. This interest rate decision by the Fed is of great importance, affecting borrowing costs and liquidity management in the financial system.
High interest rates generally increase the value of the US dollar, which can cause investors to turn to safer, higher-yielding dollar-denominated assets. This could cause a decline in the value of cryptocurrencies such as Bitcoin.
Additionally, the Federal Open Market Committee (FOMC) will release economic expectations and a statement. These expectations are often called a "dot plot" and provide information about the Fed's future plans for interest rates and the economic outlook.
Markets will use these forecasts to evaluate the likelihood that interest rates will rise or fall in the future. Predictions that interest rates will rise could lead to a strengthening of the dollar and a negative outlook for cryptocurrencies.
The press conference to be held after the FOMC's statement will also be critical. Hints from Fed officials about the timing of possible interest rate cuts may cause fluctuations in the cryptocurrency market.
Bitcoin Price Prediction
Bitcoin (BTC/USD) broke the $69,100 bullish trend line and declined sharply towards $65,985 and is currently trading at $67,372. This move supports a bearish price forecast for Bitcoin. The green pivot point at $65,985 could trigger an uptrend if the price holds this level. If the price manages to stay above this point, the formation of a bullish engulfing pattern could signal a possible uptrend.
Prominent price levels include immediate resistance at $69,174; Following this level, there are higher resistance levels such as $71,041 and $73,000.
On the downside, immediate support is at $64,601, followed by additional support levels such as $63,456 and $62,179. These levels are critical for Bitcoin's price structure and the maintenance of its possible upward movement.
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