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On April 9th, Bitcoin prices retreated from intraday highs during the European session, falling below the $70,000 mark. Investors are closely watching the upcoming release of US CPI data to gather more clues about future market trends.
Bitcoin prices dropped by 1.15%, reaching $69,860.1, compared to the intraday high of $71,737.2.
Previously, Bitcoin prices surged to over $70,000 due to expectations of a reduction in Bitcoin production in late April, potentially tightening the supply of Bitcoin. Additionally, expectations of a rate cut by the Federal Reserve also contributed to the recent surge in Bitcoin prices, reaching a historical high.
However, with recent strong economic data from the United States, the outlook for a rate cut by the Federal Reserve has become less clear, leading to a slight retreat in Bitcoin prices.
Currently, attention is turning to the key inflation data from the United States, the Consumer Price Index (CPI), which will be released on Wednesday. It is widely expected that the data will impact interest rate expectations. If inflation data exceeds expectations, it could raise concerns in the market about the Federal Reserve tightening monetary policy, putting pressure on risk assets such as Bitcoin.
Furthermore, the decline in the inflow of funds into the cryptocurrency market may indicate a growing caution among investors. Data shows that last week, the cryptocurrency market received $646 million in inflows, significantly lower than the levels seen in early March, with trading volumes continuing to decline from earlier highs this year.
At the same time, the investigation by the US Securities and Exchange Commission (SEC) into the Ethereum Foundation could also have a negative impact on the price of Ethereum. |
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Post time 18-4-2024 12:09:45