No Bull Trend for Bitcoin as the Token Dips

While it looked like Bitcoin (BTC) might have been starting a bullish trend on Monday, the coin has turned around for Tuesday and is now at $61,735 (BTC/USD).

Investors have been holding out hope that Bitcoin would turn around and start climbing back toward $65,000, but the token continues to disappoint amid a struggling global economy with high inflation rates.

The economic data to be released later this week might  give new hope for Bitcoin investors, but it could also cement the case for high inflation and make investors less likely to buy up Bitcoin. Look out for US PPI and CPI reports to come this week. These will help the Federal Reserve to make a decision on interest rate cuts and determine if that outlook for the year is hawkish or dovish.

Bitcoin’s Current Outlook

Right now, Bitcoin is down by 1.48%, with trade volume holding almost flat today with Monday. Many investors are waiting to see what the economic reports will show, while others are not waiting around for that data and are expecting more back news on inflation.

If the PPI and CPI reports show that inflation is still high and that consumer confidence is low, then Bitcoin will keep struggling to make any kind of gains. We may see it stay above $60,000 but well below $65,000 for the next week.

Bitcoin could drop lower after the data releases, so those looking for a time to invest will likely want to do it then. It is probable that Bitcoin will turn around later on in the year, perhaps getting back to the $70,000 level. We do not expect that to happen for a while, though. Investors are advised to sit tight and wait for the bullish trend to come along that will inevitably bring Bitcoin back up to its previous highs.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

Related Articles

Why Ethereum Might Crash Soon

6 hours ago

Save

Trump-Backed Bitcoin Miner Set to Go Public Amid Crypto Market Surge

6 hours ago

Save

Bitcoin Price Prediction after China-U.S. Trade Deal

7 hours ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up comments new replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments