Are you ready to dive into the latest news impacting the Stock Market and Bitcoin trading? At Extreme Investor Network, we are here to provide you with unique and valuable insights that will help you stay ahead of the game.
Last Friday, the Michigan Inflation Expectations Index made waves in the market, affecting buyer demand for BTC. This index held steady at 3.3% in June, showcasing the potential influence of inflation numbers on the Federal Reserve rate path.
According to the CME FedWatch Tool, the likelihood of the Fed maintaining its current stance in September dropped from 49.5% to 32.3% by the week ending June 14. Additionally, a higher projection for the Federal Funds Rate in 2024 continued to act as a headwind for BTC.
In terms of technical analysis, BTC was seen below the 50-day EMA but above the 200-day EMA, signaling bearish near-term but bullish longer-term price trends. A breakout from the 50-day EMA could indicate a move towards the $69,000 resistance level and potentially even reach the all-time high of $73,808.
It’s important to keep an eye on various factors such as US politics, SEC activity, and sentiment towards the Fed rate path when making trading decisions. On the flip side, a break below $65,000 could give the bears an opportunity to challenge the $64,000 support level.
With a 42.97 14-Daily RSI reading, BTC may see a break below the $64,000 support level before entering oversold territory. Stay tuned to Extreme Investor Network for more updates and expert analysis on the Stock Market, trading strategies, and the latest trends on Wall Street.