Ethereum

Bank

Bitcoin

Reserve

FOMO

<p>The post <a href="https://coinpedia.org/news/will-bitcoin-btc-price-drop-more-this-week-heres-what-to-expect/" rel="noopener noreferrer nofollow">Will Bitcoin (BTC) Price Drop More This Week? Here’s What To Expect</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Last week, major cryptocurrencies were on a rollercoaster ride as a wave of news sent shockwaves through the market. Investors are scrambling to make sense of it all from the early week’s U.S. CPI and PPI data, negative inflow in spot ETFs, and Bitcoin miner capitulation. One key question is on everyone’s mind: has Bitcoin begun a prolonged correction, or is this just a temporary bump on the road?&nbsp;</p>
<p>Analyst Ted (@tedtalksmacro) provides <a href="https://x.com/tedtalksmacro/status/1802324253053964718?t=kS88esS-YC5PDamhW7s1SQ&amp;s=19" rel="noopener noreferrer nofollow">insights </a>into the key elements influencing Bitcoin’s outlook.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/ Critical Week Ahead for Bitcoin: Disinflation Continues<br><br>Implied weekly ranges:<br>BTC – $65.1k – $74.1k USD<br>ETH – $3,388 – $4,025 USD<br><br>Thanks to <a href="https://twitter.com/_WOO_X?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@_WOO_X</a> for supporting this content.<br><br>Here's what I am watching this week <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/6ummQSDKce" rel="noopener noreferrer nofollow">pic.twitter.com/6ummQSDKce</a></p>— ted (@tedtalksmacro) <a href="https://twitter.com/tedtalksmacro/status/1802324253053964718?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-understanding-changing-economic-landscape"><strong>Understanding Changing Economic Landscape</strong></h2>
<p>Recent US economic data, such as the Consumer Price Index (CPI) and Producer Price Index (PPI), indicated good news for risk assets like Bitcoin. These numbers suggest that inflation pressures are low, which usually helps assets seen as safe havens during economic uncertainty.</p>
<p>However, despite positive economic signals, the FED’s cautious approach to potential interest rate cuts adds FOMO to the market. The next FOMC meeting and its updated forecasts will give more insight into the Fed’s plans for interest rates, affecting how investors feel about Bitcoin and other markets.</p>
<h2 class="wp-block-heading" id="h-evaluating-the-trading-setup"><strong>Evaluating the Trading Setup</strong></h2>
<p>In the current scenario, Ted believes Bitcoin must stay above $66,000 to maintain stability. It could boost confidence and attract more buyers if it holds above this level. However, dropping below $66,000 may lead to selling pressure and a price decline, negatively affecting market sentiment.</p>
<p>Traders closely watch Bitcoin’s weekly trading range of $65,100 to $74,100 and Ethereum’s range of $3,388 to $4,025. These ranges give insights into both cryptocurrencies’ market expectations and potential price movements.</p>
<h2 class="wp-block-heading" id="h-broader-investment-trends"><strong>Broader Investment Trends</strong></h2>
<p>Notably, US tech stocks, like NASDAQ, have reached new highs due to expectations of central bank monetary policies. This divergence between tech stocks and Bitcoin suggests a broader market sentiment shift that could affect Bitcoin’s performance. Investment flows into Bitcoin-related ETFs, critical market sentiment indicators, are expected to resume as clarity emerges from key economic announcements.</p>
<h2 class="wp-block-heading" id="h-ethereum-s-potential-and-global-economic-factors"><strong>Ethereum’s Potential and Global Economic Factors</strong></h2>
<p>According to the analyst, Ethereum may catch up to Bitcoin in the cryptocurrency market. The prospect of Ethereum ETF launches on Wall Street boosts its potential, showing institutional interest in cryptocurrencies beyond Bitcoin.</p>
<p>Meanwhile, the Swiss National Bank (SNB) and Reserve Bank of Australia (RBA) interest rate decisions will also affect economic stability and investor confidence. Rate cuts are unlikely this week, but indications of future changes could affect the global market mood.</p>
<h3 class="wp-block-heading" id="h-bottom-line"><strong>Bottom Line</strong></h3>
<p>Overall, Bitcoin’s current price is 10% below its all-time high of $73,750, a 20-30% decline is normal for this volatile asset. However, the broader trend remains positive, and the current correction offers investors opportunities to buy the dip. Currently trading at $65,965, Bitcoin is eagerly awaiting further developments that could sway its direction.</p>

Will Bitcoin (BTC) Price Drop More This Week? Here’s What To Expect

Table of Contents

CoinPedia News

Other articles published on Jun 17, 2024

MoonBag, top Meme Coin Presale in 2024, Overpowers Immutable X and Dogwifhat in with 15,000% ROI ...

Bitcoin FOMC watch – Investors pull $600m from the crypto market

Traders Are Staking New Solana Token $SEAL As Presale Nears Final Week

Crypto Crash Over? Technical Analysis w/ Evan Aldo

Bitcoin And Crypto At The Forefront: Biden Administration To Attend Key Roundtable In Washington

Zooming to $30: BlockDAG Sets 2030 Goal, Fueled by Keynote 2 Innovation, While Toncoin Shifts & A...

Join our free newsletter for daily crypto updates!