News

How Will Bitcoin Price Respond To the US Inflation Report Released Today ?

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Jun 10, 2022

news-image
Highlights

    The US inflation rate is all set to be rolled out in some time that may shake up the entire crypto space for sometime

    Accordingly, Bitcoin & altcoins are expected to reach their bottoms, tanking down by another 15% to 20% before the initiating the next leg

Bitcoin price is currently cemented along with $30,000 levels for nearly a month, waiting for a boost to break out of the consolidation. However, after a healthy accumulation BTC price was expected to break above the resistance. 

But with the upcoming US inflation rate updates, the asset is now expected to scrumble down to form new lows very soon. Moreover, the altcoins could drop harder, more than that of Bitcoin until the weekend. 

Therefore, when can Bitcoin be bullish despite the inflation rates being let out? Well, the FED has let out some hints before which say the rates to be elevated. And if in case, the rates are hiked more than 8.5% it could cost the crypto space huge numbers. 

However, if the rates are settled in between 8% to 8.3%, the analyst believes no major change may be witnessed. Meanwhile, the US dollar index is also gaining significant momentum as it is hovering within the same crucial resistance above 103. 

dxy

The DXY index is expected to get stronger and undergo a ‘V-shape’ recovery to reach its ATH. This is in fact pretty bearish for the Bitcoin and entire crypto space, while a rise in the rates could further ignite a BTC plunge.  

Therefore, the upcoming inflation rates are expected to turn the tables for the entire crypto space, mainly Bitcoin which is hovering between crucial levels. A bullish scenario can be laid down only when the rates plunge below 8% as it would be a second consecutive slash after April. 

Collectively, the upcoming weekend is pretty important for BTC price and the other altcoins, as it may revisit the lower support again. And if the market collapse again, the rebound may not be expected anytime in the next couple of months. 

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button