"It's true that BTC goes down and up, but you all have to stay alert."
Weakened again to $60,215 last Saturday, the fall in the price of the king of cryptocurrency Bitcoin (BTC) caused more than $200 million positions to be liquidated in the past 24 hours immediately after the representative of the Federal Reserve (Fed) of the United States (US) made a statement.
Dallas Fed President Lorie Logan while at the conference in New Orleans who views now may be too early to think about interest rate cuts is also the cause of the BTC price being affected.
According to leading market analyst Ali Martinez, BTC could reach $76,610 if the price manages to break through $64,290 but if it fails then the digital asset could retest the $51,970 support zone.
But it should be noted that spot BTC ETF is an important catalyst that positions it as an attractive asset for Traditional Finance players (TradFi) following JPMorgan Chase and Wells Fargo including offshore entities in Europe and Hong Kong have made their current exposure to BTC ETF.
Over time, there is real optimism that the reduction in demand and supply through mining could drive the price of BTC to new highs soon.
It is true that investors are facing a critical moment as the printing press producing fiat currency at a rapid rate has made the prospect of a devaluation of the US dollar even more alarming, but the rise of US M2 Money Supply points to a positive future for BTC.
Amid bearish sentiment sweeping the crypto market, investors' focus is currently on Tuesday's release of US Producer Price Index (PPI) and Core PPI data which will offer important insights into price dynamics across various sectors.
On May 14, 2024, there will be the release of US Consumer Price Index (CPI) data along with retail sales figures, where the economic data will be important in providing a comprehensive overview of inflation trends and consumer spending patterns.
As of this writing, BTC price has jumped by 0.87% to $61,434 in the last 24 hours with a market cap of over $1 trillion but is still down 4.51% over the past week.
