FOMC

GameStop

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-dips-below-70000" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Dips Below $70,000</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-struggles-to-maintain-its-ground-as-prices-dip" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s (BTC) price fell below the critical $70,000 mark following a weekend decline. This drop occurred despite the cryptocurrency experiencing a significant increase last week. Altcoins and meme tokens such as Pepe, Notcoin, and GameStop also saw gains during this period.</p>
<h2 id="what-will-68-000-support-mean">What Will $68,000 Support Mean?</h2>
<p style="text-align: justify">If Bitcoin finds support at the $68,000 level, it could attract considerable investor interest as they anticipate another attempt to reach all-time highs. The U.S. Federal Open Market Committee (FOMC) is set to convene on Tuesday, June 11, to discuss key economic policies, including inflation and <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rates</a>.</p>
<p style="text-align: justify">Similarly, the U.S. Consumer Price Index (CPI) report, which tracks inflation trends, will be released on June 12. Economists expect the CPI to remain steady at 3.4%. This <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> may aid FOMC officials in confirming their economic outlook.</p>
<h2 id="will-fomc-meeting-affect-interest-rates">Will FOMC Meeting Affect Interest Rates?</h2>
<p style="text-align: justify">Investors should brace themselves for market volatility throughout the week, although an interest rate change from the FOMC seems unlikely. On Monday, Bitcoin traded at $65,375, below key indicators such as the 20-day and 50-day exponential moving averages (EMAs) on the four-hour chart.</p>
<p style="text-align: justify">Moreover, Bitcoin is positioned below the middle boundary of the Bollinger Bands, signaling potential for a significant move. The narrowing of these bands suggests that BTC might be gearing up for a breakout, which could be influenced by the market’s response to the CPI report and the FOMC meeting.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– Monitor Bitcoin’s support at $68,000 and resistance at $69,642.<br> – Pay attention to the FOMC meeting on June 11 and the CPI report on June 12.<br> – Watch for Bitcoin’s position relative to the 20-day and 50-day EMAs.<br> – Observe the Bollinger Bands for signs of an impending breakout.</p>
<p style="text-align: justify">A breakout above $69,642 could signal an uptrend, potentially pushing Bitcoin back above $70,000. However, if this resistance remains unchallenged, selling pressure might increase, driving BTC below $68,000 and potentially down to $66,000.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-dips-below-70000" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Dips Below $70,000</a></h5>

Bitcoin Dips Below $70,000

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