Bitcoin price displays strength ahead of this week’s U.S. macroeconomic data.
This week, market participants await the United States inflation data to help determine whether the Federal Reserve will lower interest rates in 2024. reading on May 15., market analysts forecast a 72% chance of rates remaining the same at July’s Federal Open Market Committee meeting, with the possibility of rate cuts pushed later in the year, at 48.6% at September’s meeting. Traders forecast a 91.1% chance that rates will remain unchanged at June’s meeting.
The analyst acknowledged that this week’s “CPI, Core CPI, PPI and FED chair speech” is likely to affect the direction of BTC’s price. on March 14. The price has recorded a series of lower highs and lower lows as the RSI trended lower, reaching near-oversold conditions at 33 on May 1.According to data from CryptoQuant, the Coinbase Premium Index has mirrored BTC’s price action, dropping from $0.08 to near zero over the same period.
Historically, if this indicator turns negative and reverses from a downward to an upward trend, the BTC price has always rebounded, as shown in the chart below.
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