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.
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.
Was this writing helpful?
