FOMC

United

Bitcoin

April

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
April 10 is a significant date as the United States is set to announce the Consumer Price Index (CPI) for March. This index measures <a href="https://twitter.com/WuBlockchain/status/1777145460068892879" rel="noopener noreferrer nofollow">inflation</a>, and it is a big deal because it can influence the Federal Reserve's decisions on interest <a href="https://u.today/bitcoin-halving-in-11-days-what-to-expect-from-price" rel="noopener noreferrer nofollow">rates</a>.&nbsp;
The next day, the U.S. will release the minutes from the Federal Open Market Committee (FOMC) meeting in March, with a high chance of interest rates staying the same in May. Obviously, such a major decision for the U.S. economy almost always directly or indirectly affects the performance of digital assets, and Bitcoin in particular. <img alt="BTCUSD" data-entity-type="file" data-entity-uuid="0d16cde4-d594-4000-89f1-d3017ac4e5e3" src="https://u.today/sites/default/files/inline-images/image_664.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USD Chart by TradingView</a>
When interest rates are unchanged, it usually hints at the fact that the economy is stable enough not to need higher rates to slow down inflation. For Bitcoin and digital assets, steady interest rates might be considered "good." They make borrowing money less expensive, which can lead to more investment in riskier assets like cryptocurrencies.
Looking at <a href="https://u.today/bitcoin-on-verge-of-70000-xrp-comeback-begins-ethereum-eth-support-plays-out" rel="noopener noreferrer nofollow">Bitcoin's</a> price on the chart, we can see that it is around $71,539. If the news on April 10 and 11 suggests that the U.S. economy is favorable, Bitcoin could see a boost as more investors would like to gain additional risk exposure.
As for the technical side of the story, the key level to watch is at around $67,000, and if it can stay above this, it might climb toward the all-time high. The importance of the aforementioned price level is reflected in the fact that $67,000 has been a point of breakdown for BTC numerous times. But if Bitcoin cannot keep above this level, there is support at the 50-day Exponential Moving Average (EMA) at around $57,757.
If the Bitcoin price stays bullish and the news from the CPI and FOMC is positive, or at least not negative, digital assets might see stabilization after all. A steady or decreasing inflation rate could mean more confidence in riskier investments, and that is where Bitcoin could benefit.

April 10 Crucial Date for Crypto and Bitcoin Markets: Here's Why

U_Today

Другие статьи, опубликованные 8 апр. 2024 г.

Crypto Expert Says Bitcoin Price Is Set To Double, Here’s Why

Dogecoin Price Prediction: DOGE Pumps 5% As Analysts Say This Dogecoin Upgrade Might Be The Best ...

Spot Ethereum ETF: Applicants Meet SEC But Rejection Fear Remain

New Meme Coins to Buy Now Monday April 8 – MOGGO, Shoki, Bebe on Base

Cryptocurrency To Profit You 1000% ROI This April

With BTC Holders Offloading, American Investors Turn to Bitbot’s ICO

Join our free newsletter for daily crypto updates!