Bitcoin Slowly Recovers, Focus Of This Week Inflation Data And The Fed

Illustration of Bitcoin (photo: Pexels)

Last week, Bitcoin (BTC) experienced a sharp decline of 9 percent falling to the level of USD 52.598 (IDR 812 million). Fortunately, Bitcoin is currently recovering slightly to the level of USD 57,000 (IDR 880 million).

According to Crypto's Financial Expert, Panji Yudha, the upcoming macroeconomic event this week will also determine the fate of BTC and altcoin prices.

Technically, Bitcoin (BTC) currently has the potential to re-test the resistance area at 57,000 US dollars (Rp880 million). If successful in penetrating the resistance, BTC could go to around 58,830 US dollars (Rp909 million), with the next target in the range of 61,000 - 62,000 US dollars (Rp942-958 million), "explained Panji.

But according to him, if inflation data is higher than expected, BTC could potentially experience a decline back from US$57,000 (Rp880 million) resistance, and could weaken to around US$55,000 (Rp850 million).

In addition to providing insight into the current state of the US economy, this inflationary data will also show what steps the US Federal Reserve may take at the upcoming FOMC meeting between September 17 and 18.

Currently, the Fed is expected to cut interest rates, which can provide relief to the market as investors are increasingly confident in investing in Bitcoin and crypto stocks.