Bitcoin Experiences a Decline as Traders Prepare for Wednesday’s Macroeconomic Events

Bitcoin experiences a decline as traders prepare for Wednesday’s release of US inflation data and an upcoming Federal Open Market Committee (FOMC) meeting. Both macroeconomic events are considered pivotal for the outlook of crypto assets. The focus is on how Fed Chair Jerome Powell and the FOMC will react to May’s inflation data, potentially shifting the Fed’s hawkish stance.

GM/GN, dears! ☀️

So Wednesday has come – ahead are the CPI data, the FOMC statement, the Fed interest rate decision, the FOMC press conference.

Meanwhile, #BTC pinned the $66.3k level and rebounded. https://t.co/2pD6F3JHDy pic.twitter.com/0FmHFu4G1D

— Crypto Explora 🇺🇸 (@Crypto_Explora) June 12, 2024

 
April’s CPI rose by 0.3% month-on-month, with annual inflation at 3.4%, and core inflation up by 0.3%. Most analysts expect the Fed to keep interest rates around 5.30%. However, US Senator Elizabeth Warren advocates for rate cuts, citing increased housing and insurance costs due to the Fed’s stance. These factors highlight market concerns about inflation data and Fed decisions, suggesting a negative short-term outlook for Bitcoin.

 

Key Bitcoin Levels To Watch – June 2

The daily chart of BTCUSD shows bearish signals, with the price struggling to break above the $73,835.57 resistance zone. Bitcoin has fallen below its 9-day simple moving average, indicating a potential downside.
 
The rejection block around $71400.00 reinforces resistance, leading to a drop toward the $66,259.00 support level. The stochastic oscillator shows a bearish crossover, suggesting further decline.

BTCUSD Key Levels

Resistance Levels: $71980.00, $73836.00, $80000.00 
Support Levels: $54490, $50577.00, $43873.00

Bitcoin Metrics

Total Market Capitalization: $2.45T
Bitcoin Market Capitalization: $1.34T
Bitcoin Volume: $28.36B
Market Rank: #1

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