Bitcoin BTC/USD traders are hopeful that macroeconomic data could extend the relief rally and halt the crypto king’s recent slide below $60,000.
What Happened: Crypto analyst Michaёl van de Poppe predicted a positive week for Bitcoin in his latest post, pointing to several catalysts:
- Fed chair Jerome Powell testifying on policy
- New CPI & PPI data impacting yields and the DXY
- A possible launch of Ethereum ETH/USD on July 15.
Trader Capo Of Crypto tweeted that he remains bullish for the next few weeks, especially on altcoins. He cited factors like selling pressure from the German government being absorbed. Regarding Ethereum ETF approvals, he noted all spot Ethereum ETF applicants filed updated S-1s and VanEck & 21Shares officially filed 19b-4s for spot Solana ETFs.
Also Read: What Technical Analysis Says About Bitcoin’s Latest Dump
Why It Matters: With the recent volatility in crypto markets, new macro data could influence cryptocurrency markets, possibly reversing the bearish start to the month.
Social media traders expect a good CPI print to further fuel the rally:
On the latest inflation data, Bitcoin prices surged by 4% above the $69,000 mark, as annualized CPI rose by 3.3%, slightly below both the previous month’s 3.4% and analysts’ forecasts.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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