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Bitcoin Rebounds from strong CPI Data

Written By: ChartChamp

June 12, 2024

The crypto market was dropping headed into today’s May CPI data and FOMC announcement. BTC successfully rebounded from the green zone, and is currently above $69k again. Nothing has changed, BTC needs to break through the yellow zone to start the bull run rally. I’m looking for a convincing break above $73.1k over the next few weeks.

Strong Rejection for Bitcoin at $69k

There was a sharp selloff for Bitcoin over the past two hours with a strong move down from $69.8k to $67.5k. The next few hours will be important to monitor. This selloff should raise some concerns, but I wouldn’t panic unless the price drops below $66.1k. ETH and ALTS are holding stronger than Bitcoin, which is a good sign for the Altcoin market. I’ll give another update later today.

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