BTC/USD: As we wait for the next leg up above $63,000, Bitcoin sways around its 100-day moving average.
KEY POINTS:
- Bitcoin aims to reach the $63,000 mark.
- We’ll have inflation figures on Wednesday.
- Bitcoin is down 17% from its peak.
If pricing pressures indicate a downward trajectory, new buying impulse could be generated by US inflation data.
- The week began with Bitcoin (BTCUSD) rising sharply following a weekend of gains. For the previous few days, prices have been gradually rising and are already approaching $63,000. As markets generally got ready for major events over the following few days, investors continued to extend their long bets on the OG token early on Monday morning. A significant report may cause a stir and spark a new upswing in the cryptocurrency market.
- The United States’ April inflation figures are expected to be released on Wednesday. Enthusiasts of digital assets will be keeping an eye out to see whether consumer prices have dropped, as this would indicate a strong economy and encourage more daring wagers on riskier assets like Bitcoin and companies. However, another strong inflation report might raise concerns about an oversupply of money and cause a significant decline in the value of cryptocurrencies.
- Bitcoin is currently trading at about $62,000, or roughly 17% less than its top of roughly $74,000 per coin, which it reached in mid-March. Bitcoin has increased its valuation by more than 40% this year, or over $500 billion in market capitalization to a total worth of $1.2 trillion, despite the little decline (by crypto standards). From its record high valuation of $3 trillion, the whole digital asset industry has lost roughly 23%, hovering around $2.3 trillion.
