FOMC

GameStop

Bitcoin

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-70000-after-weekend-decline/" data-wpel-link="internal">Bitcoin Price Drops Below $70,000 After Weekend Decline</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/grayscale-bitcoin-trusts-selling-pressure-on-bitcoin-may-be-easing-jpmorgan-analysts-suggest/" data-wpel-link="internal">Bitcoin</a> (BTC)</strong> price started trading below the significant $70,000 after a weekend drop. Last week, BTC experienced a significant rise. Additionally, altcoins and especially meme tokens like Pepe, Notcoin, and GameStop benefited from the rise.</p> 
<h2 id="support-level-in-btc">Support Level in BTC</h2> 
<p style="text-align: justify">If Bitcoin finds support at $68,000, interest in the cryptocurrency could significantly increase as investors await the next attempt to reach all-time highs. The US Federal Open Market Committee will begin its session on Tuesday, June 11, to discuss fundamental economic policies regarding inflation and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a>.</p> 
<p style="text-align: justify">Similarly, the US Consumer Price Index (CPI) report, used to measure the inflation trend, will be released on June 12. Economists predict the CPI will match the previous 3.4% at 3.4%. This <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> could help central bank officials at the FOMC confirm the bank’s economic outlook.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-360956 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/bitcoi.jpg" alt="" width="904" height="481"></p> 
<h2 id="critical-process-in-btc">Critical Process in BTC</h2> 
<p style="text-align: justify">Investors need to be cautious and prepared for fluctuations throughout the week. However, it seems unlikely that the FOMC meeting will lead to a change in interest rates. The largest cryptocurrency was trading at $65,375 on Monday, below key indicators like the 20-day exponential moving average (EMA) and the 50-day EMA on the four-hour chart.</p> 
<p style="text-align: justify">Additionally, <strong>Bitcoin</strong> is below the middle boundary of the Bollinger Bands. However, it is important to pay attention to the narrowing of the bands. In other words, BTC might be preparing for a breakout that could be determined by the market’s reaction to the CPI report and the FOMC meeting. The closer the Bollinger Bands get, the bigger the breakout could be.</p> 
<p style="text-align: justify">Therefore, a breakout above the $69,642 resistance could confirm an uptrend and increase the chance of a return above $70,000. This situation has been against the bulls, and if this level is not demanded for a longer period, selling pressure could increase. Such an outcome could push <strong>BTC</strong> below $68,000 and make the support at $66,000 reachable.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-drops-below-70000-after-weekend-decline/" data-wpel-link="internal">Bitcoin Price Drops Below $70,000 After Weekend Decline</a></h5>

Bitcoin Price Drops Below $70,000 After Weekend Decline

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