Bitcoin Pumps And Dumps As We Await US Inflation Data And The ECB

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Last Updated on 7 June 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin started the week on a higher note as investors anxiously await incoming inflation data for May from the US and a decision on interest rates from the EBC. Both sets could give further indication about future interest rate rises in the western world. On Tuesday morning though, we were back to where we originally started (this past weekend) as Bitcoin saw a late fall.

The day to watch forward to this week is Thursday, when in the US the Consumer Price Index (CPI) data for May will be released and the ECB meets up in Frankfurt for a possible decision on interest rate price hikes over the summer.

Advertentie.

Green zone

In the past announcements of the CPI were able to swing stock and crypto markets, as interest rate rises are often times closely connected.

BTC remains weak until it conclusively breaches the $31k to $32k range

Joe DiPasquale, the CEO of crypto fund manager BitBull said.

However, we continue to see some buying below $30K that is keeping the price afloat.

More optimism in India as well, where Edul Patel, CEO of Mudrex (a Bengaluru and San Francisco-based crypto investing platform), explained that:

Bitcoin has increased as buyers started to react to the market conditions by taking trading into the green zone. If bulls could attempt to break above US$31,000 this week, it is likely that Bitcoin will move towards its resistance at US$34,000.

Bottom close

We indeed can’t be far from the bottom, as famous crypto analyst Scott Melker pointed out when he retweeted a story published in Vice a few days ago complaining that investors have not learned anything from the recent crypto crash.

It is indeed true that whenever the MSM is very bearish, it is a possible sign, as Scott pointed out that:

Bottom has to be close.