Crypto-analysts identify key Bitcoin price levels to watch ahead of June’s inflation report
As the June Consumer Price Index (CPI) data report approaches, to be published on July 13, investors and traders in the cryptocurrency market examine the impact the report may have on the price of the flagship – Bitcoin (BTC).
One of them is crypto-trading expert Michaël van de Poppe, who had originally set $ 21,900 as the decisive level of resistance to look for Bitcoin after taking liquidity, now believes that if the asset should break $ 22,300, then “there is not much in between and The odds are that we’ll have a very quick move all the way to the next $ 27,200, ”he said in his July 11 YouTube livestream.
Van de Poppe believes that the upcoming CPI or inflation data report will significantly affect the future Bitcoin price movements that crypto traders and investors will look at. According to him, everyone expects a deep crisis or crash to happen because they think the KPI report will be pretty bad.
Possible effects of the KPI report
That said, he expects the inflation data to be “less serious than we have seen or at least in the coming months [the numbers] will start to fall and become smaller than we expect. “
As he explained, Bitcoin needs to keep the level between $ 20,000 and $ 20,490 to keep the momentum up:
“We can see that we have a clear resistance tone and a flip that takes place [between $20,000 and $20,490] that we want to hold on as support (…) to keep the momentum still upwards. “
However, if Bitcoin loses this level under the influence of a possibly bad CPI data report, “it’s going to take out all the downturns and most likely fall all the way to $ 19,000, maybe $ 19,400, then we’ll have a bounce, and then begin. we to fall even more. “
Bearish Bitcoin mood on Wall Street
At the same time, Wall Street investors predict that Bitcoin will weaken significantly in the near future, believing that the token is more likely to reach $ 10,000, which will reduce its value by almost half, than that it will climb back to $ 30,000, as Finbold reported earlier.
As of now, the first crypto asset is trading at $ 20,576, a drop of 3.53% on the day, but an increase of 7.38% over the last seven days, according to CoinMarketCap data.
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