Bitcoin is pulling back just before a piece of data that could move the entire market. 👀
BTC is moving back toward the US$64,000 area, while Ethereum and several altcoins are also correcting.
The biggest factor weighing on things right now is expectations for the upcoming U.S. inflation data (CPI), which will be released tomorrow.
What’s interesting is that this drop comes after several weeks of a rather indecisive market.
My take: I wouldn’t yet treat this correction as a sign that a bearish trend has started. But if BTC breaks down hard below the US$64K zone, the situation could change.
For me, tomorrow could be much more important than today’s move.
Do you think CPI could be the catalyst for Bitcoin’s next big move? 👇
$BTC #crypto #analysis
BTC is moving back toward the US$64,000 area, while Ethereum and several altcoins are also correcting.
The biggest factor weighing on things right now is expectations for the upcoming U.S. inflation data (CPI), which will be released tomorrow.
What’s interesting is that this drop comes after several weeks of a rather indecisive market.
My take: I wouldn’t yet treat this correction as a sign that a bearish trend has started. But if BTC breaks down hard below the US$64K zone, the situation could change.
For me, tomorrow could be much more important than today’s move.
Do you think CPI could be the catalyst for Bitcoin’s next big move? 👇
$BTC #crypto #analysis