According to CryptoBusy, a prominent crypto trading and analysis platform, Bitcoin (BTC) is expected to experience heightened volatility in the coming days. This forecast is based on the impending release of the U.S. Consumer Price Index (CPI) data, which is anticipated to impact the market significantly. The experts at CryptoBusy have predicted that May could be a challenging month for BTC, with the market leader’s price possibly plummeting below the $27K threshold. As such, investors and traders are advised to exercise caution and closely monitor the market developments in the days ahead.
In today’s post, CryptoBusy thoughtfully incorporated a tweet from Monday, highlighting their astute observation that $27K served as a pivotal support level for BTC’s price. They cautioned that a breach of this level would likely result in a decline to $26.3K. Their attention to detail and strategic analysis testify to their professionalism in crypto.
The release of today’s CPI data carries significant weight as it may confirm the Fed’s decision to pause interest rate hikes for June 2023. This outcome could trigger a BTC rally, making it a crucial announcement for traders and investors. As a result, the market is eagerly awaiting this update with bated breath, giving it more importance than previous releases.
According to the latest update from CoinMarketCap, BTC is currently trading at $27,619.93, reflecting a modest 0.19% gain in the past 24 hours. Interestingly, BTC outperformed Ethereum (ETH) during this period, with a 0.08% increase in value against ETH. As a result, 1 BTC is now worth 15 ETH. These figures indicate a steady and positive trend for the crypto market leader.
Over the last 48 hours, the price of BTC has remained steady, hovering between $27,260 and $27,800. Market participants eagerly anticipate the release of today’s CPI announcement, while the cryptocurrency itself has been attempting to break free from this range and test the 9 EMA line, which has been a formidable resistance level.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
