The price of Bitcoin recently reached $62,400, only to fall back to around $61,000 shortly after. Although the current volatility has stabilized, significant impact is expected from the data to be released on Thursday and Friday. Experts are weighing the current trends and providing their insights into the future of the cryptocurrency market.
How are experts saying?
Currently, the price of Bitcoin is around $61,300, pausing its recovery from the $58,500 mark. Altcoins have rebounded quickly from losses, but the stagnation of Bitcoin prices has weakened the market’s risk appetite. Analysts at QCP Capital recently shared their predictions for the cryptocurrency industry. Visit COINTURK FINANCE for the latest financial and business news.
As this Friday approaches the end of the quarter for options expiration, the options market remains relatively calm. Speculation about potential trading of ETH ETF has been rampant, with VanEck completing the necessary 8-A form the week before the launch of the Bitcoin ETF. VanEck announced that the initial phase of trading fees for the ETH ETF will be zero. A significant development in the approval process may surprise the market, especially regarding the ETH options market expiring in July.
What factors will drive cryptocurrency prices up?
On Thursday, US GDP data will be released, followed by PCE data on Friday. Any irregularities in economic growth data could exacerbate volatility in the cryptocurrency market. The US economy must maintain resilience in the face of inflation, as excessive softness combined with the Fed’s strict anti-inflation measures could have adverse effects on cryptocurrencies.
Main gains for investors
• Monitor the upcoming US GDP and PCE data for signs of market volatility.
• Keep an eye on the development of the ETH ETF, particularly any regulatory approval.
• Consider Conditional Fixed Convertible Bonds (CFCC) as a strategic investment with high return potential.
• Note that the strong support levels for ETH are $3,200 and $2,800, respectively.
PCE data is significant in shaping the Fed’s stance on inflation. While the Fed has ignored recent inflation data, positive PCE results could strengthen the view of a decline in inflation, potentially boosting the cryptocurrency market.
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