{"id":132777,"date":"2024-07-10T09:30:06","date_gmt":"2024-07-10T06:30:06","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=132777"},"modified":"2024-07-09T17:56:32","modified_gmt":"2024-07-09T14:56:32","slug":"bitcoin-faces-challenges-ahead-of-cpi-data","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/bitcoin-faces-challenges-ahead-of-cpi-data\/","title":{"rendered":"Bitcoin Faces Challenges Ahead of CPI Data"},"content":{"rendered":"<p>Issues such as the delayed launch of spot <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/ethereum\/\">Ethereum<\/a><\/strong> ETFs on July 2nd and reports of substantial BTC sell-offs by the U.S. and German governments dampened market sentiment.<\/p>\n<p>However, potential for a turnaround looms as attention shifts to the upcoming CPI data expected on July 11.<\/p>\n<p>Analyst CrypNuevo highlighted the pivotal role of the CPI data in shaping <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin\u2019s<\/a><\/strong> near-term trajectory.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/australia-approves-another-spot-bitcoin-etf\/\" title=\"Australia Approves Another Spot Bitcoin ETF\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/bitcoin-5-5-240x170.png\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Australia Approves Another Spot Bitcoin ETF<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Anticipating possible interest rate cuts based on lower inflation numbers, CrypNuevo suggested such moves historically benefit Bitcoin prices.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">We could then see first a drop to fill at least the 50% of the wick.<\/p>\n<p>It\u2019s likely to see a bounce from the wick fill, but if we drop below the 100% of the wick level, then $51.7k should hold.<\/p>\n<p>Upside would get triggered by positive CPI results on Thursday. But $60k is resistance. <a href=\"https:\/\/t.co\/sxdUwZouji\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/sxdUwZouji<\/a><\/p>\n<p>\u2014 CrypNuevo \ud83d\udd28 (@CrypNuevo) <a href=\"https:\/\/twitter.com\/CrypNuevo\/status\/1809982590759182425?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">July 7, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Market sentiment, as assessed by 10x Research, indicates Bitcoin has reached initial downside targets near $55,000 and appears oversold in the short term.<\/p>\n<p>Key catalysts for a market rebound include anticipated macroeconomic tailwinds and the pending SEC decision on Ethereum ETF approval.<\/p>\n<p>However, ongoing market uncertainties warrant caution for the medium-term outlook.<\/p>\n<p>The upcoming CPI data release holds significant implications for both traditional and crypto markets, with expectations of influencing market sentiment and potential Fed actions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In early July, Bitcoin and the wider cryptocurrency market faced unexpected challenges, diverging from earlier bullish expectations.<\/p>\n","protected":false},"author":3,"featured_media":85825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[],"class_list":["post-132777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Faces Challenges Ahead of CPI Data<\/title>\n<meta name=\"description\" content=\"In early July, Bitcoin and the wider cryptocurrency market faced unexpected challenges, diverging from earlier bullish expectations.\" 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