{"id":3070,"date":"2024-06-11T14:03:11","date_gmt":"2024-06-11T11:03:11","guid":{"rendered":"http:\/\/27.preview.freshtone.ru\/bitcoin-declines-in-anticipation-of-us-inflation-report-and-fed-meeting\/"},"modified":"2024-06-11T14:03:11","modified_gmt":"2024-06-11T11:03:11","slug":"bitcoin-declines-in-anticipation-of-us-inflation-report-and-fed-meeting","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/bitcoin-declines-in-anticipation-of-us-inflation-report-and-fed-meeting\/","title":{"rendered":"Bitcoin declines in anticipation of US inflation report and Fed meeting"},"content":{"rendered":"<p>Last week, cryptocurrency market participants made another attempt to update the historical high in <a href=\"https:\/\/marketcheese.com\/symbol\/btcusd\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>Bitcoin prices<\/strong><\/a>. However, the March high was once again beyond the reach of buyers, leading to a corrective pullback. Tuesday&#8217;s trading session began with the downward movement intensifying, with the price targeting the late May lows near the <strong>66500 <\/strong>level. With a number of important events expected tomorrow, the decline in Bitcoin prices may well continue.<\/p><p>\u00a0<\/p><p>According to Bloomberg, the correlation between Bitcoin and the 10-year US Treasury yield over the past month is -0.53, one of the lowest levels since 2010. With negative <a href=\"https:\/\/marketcheese.com\/indicator\/us-cpi-yoy\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>US inflation data<\/strong><\/a> and a hawkish <a href=\"https:\/\/marketcheese.com\/indicator\/us-fed-interest-rate-decision\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>report from the Federal Reserve meeting<\/strong><\/a> on Wednesday, bonds could fall significantly in value. This will cause bond yields to rise and Bitcoin as a non interest bearing asset will be on the outside looking in.<\/p><p>\u00a0<\/p><p>Tony Sycamore, market analyst at IG Australia Pty, notes that investors are risk averse ahead of tomorrow&#8217;s events. On Monday, US ETFs on the major cryptocurrency saw $65 million in outflows. It was the first liquidity withdrawal by traders in the last 19 days. According to Sycamore, Bitcoin prices will be in a state of increased volatility for the next 36 hours.<\/p><p>\u00a0<\/p><p>Paradigm&#8217;s Anand Gomez points to a significant disappointment among cryptocurrency market participants. Another attempt to set a new all-time high for Bitcoin has failed, and investors are already moving their capital into other assets. Gomez maintains a long-term positive view on the main cryptocurrency, but at the moment there are more conditions for the continuation of the correction than for a new wave of growth.<\/p><p>\u00a0<\/p><p>In today&#8217;s trading Bitcoin rate broke through the level of <strong>69000 <\/strong>without significant problems, which indicates the strength of the downward movement. The next target for the bears should be the <strong>66500 <\/strong>level.<\/p><p>\u00a0<\/p><p><br><\/p><p>Consider the following trading strategy:<\/p><p><br><\/p><p><strong>Sell BTCUSD in the range of 67500\u201368000. Take profit \u2013 66500. Stop loss \u2013 69000.<\/strong><\/p><p><br><\/p><p>Traders may also use a <strong>Trailing stop<\/strong> instead of a fixed <strong>Stop loss<\/strong> at their discretion.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. 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