The recent events in the Bitcoin and crypto market have not been as bullish as expected at the beginning of July. With the Spot Ethereum ETFs failing to debut on July 2nd and reports of large tranches of BTC being sold by the US and German governments, the market has faced significant challenges. These events have shaken investor confidence and raised concerns about the future of the market.
Despite the current bearish trend, there is hope for a turnaround in the near future. The upcoming release of the CPI data on July 11th could be a catalyst for change. Crypto analyst CrypNuevo has shared insights on the potential impact of the CPI data on Bitcoin prices. With expectations of lower inflation data leading to a possible rate cut by the Fed, there is optimism in the market.
Using the BTC 1-Day chart, CrypNuevo highlighted a significant wick at $53,400 that is expected to be filled. The analysis suggests that the price could potentially bounce back from this level, with a target of $60,000 in sight. However, there are concerns about the price falling further and potentially reaching a support level of $51,700. This level is crucial for bulls to hold, as a recovery from here could signal a bullish momentum.
Looking ahead, there is uncertainty surrounding the future trends of Bitcoin and crypto prices. While a rate cut or announcement could boost prices, there are also risks of further downturns in the market. The $60,000 level is now seen as a resistance level for Bitcoin, indicating a challenging road ahead for price gains.
The Bitcoin and crypto market is facing a period of uncertainty amidst recent shake-ups and government sales. The upcoming CPI data could provide some clarity on the future direction of prices. Investors and analysts are closely monitoring these developments to gauge the next steps in the market.