{"id":21921,"date":"2023-06-13T06:15:07","date_gmt":"2023-06-13T10:15:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-rises-with-cpi-data-looming-watch-this-key-level-amid-selloff-risks\/"},"modified":"2023-06-13T06:15:08","modified_gmt":"2023-06-13T10:15:08","slug":"bitcoin-rises-with-cpi-data-looming-watch-this-key-level-amid-selloff-risks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21921","title":{"rendered":"Bitcoin Rises With CPI Data Looming. Watch This Key Level Amid Selloff Risks."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n edged higher Tuesday but remained vulnerable after more than a week of regulatory pressures. A key U.S. inflation report in the day ahead lies as the next likely catalyst for cryptos.<\/p>\n

The price of Bitcoin has risen less than 1% over the past 24 hours to near $26,200, remaining in the range between $26,000 and $27,000 that has dominated for much of the period since the largest digital asset hit a 10-month high above $30,000 in April. Bitcoin has tumbled to as low as $25,500 over the past week, but has since steadied in the face of U.S. regulatory fears, following the Securities and Exchange Commission charging exchanges Binance and
\n Coinbase Global
\n (ticker: COIN) with violating a slew of U.S. laws.<\/p>\n

\n

\u201cThe cryptoverse is stuck in limbo as regulatory fears run wild,\u201d said Edward Moya, an analyst at broker Oanda. \u201cAhead of a key CPI report and Fed decision, Bitcoin has key support at the $25,400 region.\u201d<\/p>\n

Indeed, Bitcoin is poised to react to macroeconomic catalysts in the next two days, as is the stock market, with the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n similarly set to move on inflation data Tuesday and a decision on interest rates from the Federal Reserve on Wednesday.\u00a0<\/p>\n

The Fed has raised rates dramatically since March 2022 to fight inflation, which has been a driving force behind declines in digital assets. Much of Bitcoin\u2019s big rally this year\u2014a rise of some two-thirds\u2014has come amid expectations that rate-rises will soon end and eventually reverse. Investors are bracing for the Fed to hit the pause button on rates on Wednesday, but the release of the U.S. consumer-price index (CPI) for May\u2014a critical indicator of inflation\u2014has the potential to disrupt expectations.<\/p>\n

With these macro catalysts looming, Bitcoin also remains vulnerable from a technical perspective, near key levels that could accelerate a selloff.<\/p>\n

\u201cBitcoin continues to grind sideways-to-lower but remains above key support near $25,200,\u201d said Katie Stockton, managing partner at technical research firm Fairlead Strategies. \u201cA breakdown below $25,200 would turn our attention to nearby secondary support from the 200-day moving average, near $23,600.\u00a0 Long-term momentum has yet to recover meaningfully.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was flat at $1,750. Smaller cryptos or altcoins were more mixed, with
\n Cardano
\n down 1% and
\n Polygon
\n up 1%. Memecoins were buoyant, with
\n Dogecoin
\n and
\n Shiba Inu
\n gaining 1% each.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin edged higher Tuesday but remained vulnerable after more than a week of regulatory pressures. A key U.S. inflation report in the day ahead lies as the next likely catalyst for cryptos. The price of Bitcoin has risen less than 1% over the past 24 hours to near $26,200, remaining in the range between $26,000 […]<\/p>\n","protected":false},"author":1,"featured_media":21922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-21921","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Rises With CPI Data Looming. Watch This Key Level Amid Selloff Risks. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin edged higher Tuesday but remained vulnerable after more than a week of regulatory pressures. 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