Bitcoin Price Retraces as Investors Await US Economic Data and FOMC Speeches
After reaching a peak of $48,500, the Bitcoin price has experienced a slight dip to around $48,000. This pause in the rally towards $50,000 comes as investors eagerly anticipate the release of key economic indicators from the United States, such as the January Consumer Price Index (CPI) and Producer Price Index (PPI) data. Additionally, speeches from members of the Federal Open Market Committee (FOMC) will provide insights into the central bank’s monetary policy outlook.
Market sentiment is focused on the likelihood of the FOMC maintaining interest rates unchanged in its upcoming meeting. Currently, there is an 82.5% probability of this outcome, indicating expectations for a stable interest rate environment in the near future.
Prominent crypto analyst Michael van de Poppe notes that Bitcoin has shown resilience in the $48,000 to $50,000 range. This strength suggests increased institutional interest and potential growth in the market. Van de Poppe speculates that Bitcoin may target higher price levels, projecting a range of $53,000 to $57,000 before the upcoming halving event.
Inflows into Bitcoin ETFs remain strong, with over $9 billion attracted since their launch on January 11. Bitcoin whales have also been on a buying spree, accumulating 140,000 Bitcoins worth more than $6.16 billion in just three weeks. Despite skepticism, support levels for Bitcoin have proven resilient and may surpass resistance levels at approximately $57,000.
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