Bitcoin gains 2.30% and is testing the resistance level at $63,000 again. After a relatively weaker opening at the start of the day, the price of BTC even dropped, momentarily dipping below $61,000. However, in the morning hours as the cash session opened in Europe, the price sharply rebounded, breaking through $61,000 and then $62,000 respectively. At the time of publication, the bulls are testing resistance around $63,000. Similar behavior has also been observed in recent weeks when the price of Bitcoin fell at the beginning of the week, followed by a decisive rebound.
Bitcoin has been in a broad consolidation range for over two months, and since the halving 21 days ago, Bitcoin's market capitalization has dropped by 5.50%. The poorer sentiment in cryptocurrencies can be linked to corrections in traditional markets, where we observed short-term declines throughout practically all of April. However, for the past two weeks, stock market indices have been rebounding, which should also support Bitcoin prices. In the coming days, sentiment on both traditional and cryptocurrency markets will depend on the publication of macroeconomic data. This week, on Tuesday and Wednesday, we will learn the latest Producer Price Index (PPI) and Consumer Price Index (CPI) data for April. If the reports show weakening price pressure, this could be a significant growth factor for risky assets. However, if the data come out higher than expected, it will be another argument for the Fed to maintain interest rates at a high level for longer, simultaneously putting pressure on indices and cryptocurrencies.
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Source: xStation 5
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