JAKARTA - The Bitcoin (BTC) rally was forced to stall with the release of labor data by the US Department of Manpower on Friday, June 7, causing the price of BTC to slip to 68,507 US dollars (Rp1.11 billion).
On Tuesday, June 11 at 08:00 WIB, Bitcoin (BTC) was perched at the level of 69,406 US dollars (Rp113 billion), or tended to move sideways in the last four days after last week's decline on Friday, June 7.
However, this week there were two events, namely the Fed's interest rate decision and the May Consumer Price Index (CPI) report, which are expected to affect the volatility of the crypto market.
Crypto Financial Expert Ajaib Panji Yudha said, according to the CME FedWatch Tool, it expects the Fed to again maintain interest rates in the range of 5.25 - 5.50 percent on June's FOMC.
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Meanwhile, FOMC September has a 45 percent chance that the Fed will start cutting its interest rate by 25 bps or 0.25 percent to 5.00 - 5.25 percent.
"If CPI data is appropriate or lower than market expectations then the potential to encourage BTC to return to around US$73,000 (Rp1.18 billion)," explained Panji.
Meanwhile, if CPI is higher than market expectations, Panji added, "then it has the potential to bring BTC down from support $69,000 to weaken to MA-100 around 66,750 US dollars (Rp1.08 billion)".
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