Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-prepares-for-exciting-turn/" data-wpel-link="internal">Bitcoin Price Prepares for Exciting Turn</a> 
BTC price may be preparing for an exciting turn following the latest development. The price is near the $70,000 mark. At the time of writing, it had only been 1.5 hours since the US inflation data was released. However, <a href="https://en.coin-turk.com/exploring-the-next-peak-bitcoins-market-cycle-and-price-predictions/" data-wpel-link="internal">Bitcoin</a> has now jumped from the daily low of $66,000 to $69,700. Moreover, this was continuing as this article was being prepared. 
<h2 style="text-align: justify" id="why-is-bitcoin-rising">Why is Bitcoin Rising?</h2> 
The Consumer Price Index (CPI) for May came in lower than expected, boosting investor appetite for risk markets. The CPI was reported at 3.3%, 0.1% below forecasts. The continued decline in inflation and the ongoing impact of the Fed’s tight monetary policy could calm Powell this evening. 
The US Bureau of Labor Statistics report stated; 
<blockquote> 
 “The all items index increased 3.3% for the 12 months ending in May, down from the 3.4% increase for the 12 months ending in April. The index for all items less food and energy rose 3.4% over the last 12 months.” 
</blockquote> 
With the rise in BTC price, DOGE, AVAX, SOL, LINK, SHIB, and others gained over 4%. This indicates that investors who bought the dip made a good move. 
<h2 style="text-align: justify" id="fed-meeting-and-crypto">Fed Meeting and Crypto</h2> 
All eyes are now on the <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">announcements</a> following the Federal Reserve’s Federal Open Market Committee meeting. It is almost certain that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> will remain unchanged at this meeting. Market expectations are steady on this matter. Two things are important here; 
<ul style="text-align: justify"> 
 <li>Fed members’ 3-year interest rate forecasts</li> 
 <li>The tone of Powell’s statements</li> 
</ul> 
Tedtalksmacro wrote the following on this topic; 
<blockquote> 
 “The stage is set for Powell to talk about easing. Let’s wait for the meeting”. 
</blockquote> 
Poppe pointed out the easing in the dollar. 
<blockquote> 
 “Markets are significantly dropping the Dollar and Treasury Yields as they expect rate cuts. This drop could be a big sign for Altcoins and Bitcoin.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-361727 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/fedwatch-12-haziran.png" alt="" width="1259" height="621"> 
The market’s expectation of a rate cut exceeded 70% for the September meeting. The increase is the clearest indicator that optimism has recovered following Friday’s data. If the Fed does not deliver a bad surprise, new attempts at $72,000 and even beyond could be seen in the BTC price towards today’s daily candle close. If $73,777 is surpassed, a rapid rally to $80,000 and $88,000 is expected, and experts have been warning bears about this scenario for months. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-prepares-for-exciting-turn/" data-wpel-link="internal">Bitcoin Price Prepares for Exciting Turn</a></h5>

Bitcoin Price Prepares for Exciting Turn

Table of Contents

COINTURK NEWS

Other articles published on Jun 12, 2024

Powell Addresses Market with Key Points

May US CPI Ease To 3.3%; BTC Price Surge To $69K

Best Presale in 2024: MoonBag’s 88% APY Staking Rewards Lure Investors Away from Bitbot and Tron

"Rich Dad Poor Dad" Author Names Easiest Way to Become a Millionaire, Ripple Unveils Major Initia...

zkSync’s Token Launch Sparks Debate: Here’s All You Need To Know

Qubetics Whitelist Stands Against Bitcoin and Solana to Outshine Them in the Crypto Brawl for Dom...

Join our free newsletter for daily crypto updates!