"Now if you look at BTC it's like it's flat, so you must be bored?"
Failing to maintain its position above $63,000, the price of cryptocurrency king Bitcoin (BTC) plummeted to $61,142 after Coinbase was found to have experienced a system-wide disruption even though its team insisted all its customers' funds were safe.
The system failure warning came into effect in just a few minutes after many issues emerged such as “degraded transactions”, where users were unable to send crypto or withdraw fiat currency.
However, it is important to note that today's publication of the United States (US) Consumer Price Index (CPI) data will be the main source of support for investors who may be looking for guidance regarding the actions the Federal Reserve (Fed) will take next for profit levels.
It's true that the Fed's futures trade is now only allowing for a 5% possible cut in the interest rate for June 2024, but some analysts still expect there to be an increased probability of a reduction in the interest rate that could push BTC prices past $65,000.
Analysts also believe that inflationary pressures will ease during the second half of this year, however, it is still dependent on slow economic growth and higher unemployment.
According to Mike Novogratz, Chief Executive Officer (CEO) of Galaxy Digital who truly believes the crypto market is in a consolidation phase after a strong first quarter has predicted BTC will currently hover between the $55,000 and $75,000 range before climbing higher.
In addition, BTC always needs a follow-up narrative. If people consider this digital asset to be digital gold, you need to know that BTC always has two narratives, namely macro and demand.
As of this writing, the price of BTC had plunged by 2.08% to $61,666 in the last 24 hours with market capital of more than $1 trillion and then recorded a decline of 1.44% over the past week.
