Best Crypto to Buy Now June 11 – Injective, Fetch.ai, ORDI
Ahead of the upcoming two-day Federal Open Market Committee (FOMC) meeting, Bitcoin is experiencing heightened volatility as it tests the $67,000 support level, marking a nearly 4% decrease so far today.
US CPI AND FOMC : June 12:
These two big event will decide the next move in market.
US CPI: US CPI Forecast is 3.4% vs Previous 3.4%. We also expect that inflation will either at same 3.4% or it will reduce. There is no major chance of increase inflation.
To understand it , we… pic.twitter.com/ROUwx7MHjY
— Nilesh Rohilla | Crypto Analyst (@nilesh_rohilla) June 10, 2024
With the Consumer Price Index (CPI) data set to be released on June 12, Bitcoin’s trajectory could swing between $70,000 and $65,000.
Given the current macroeconomic climate, both equities and cryptocurrencies could feel the impact of these two important events.
Amidst this market volatility, Ethereum has also experienced declines, dropping by around 5% as of writing.
This overall uncertainty has impacted the total cryptocurrency market cap, which currently sits at $2.42 trillion.
With anticipation surrounding potential interest rate shifts and the projected first rate cut, the FOMC meeting could have major implications for the crypto market.
The CPI report, which could mirror April’s 3.4% inflation, will offer crucial economic insights. Key indicators, notably an oversold Relative Strength Index (RSI), suggest a bearish trend for Bitcoin.
Maintaining support at $67,000 is crucial to maintain the current short-term bullish trend. However, failure to sustain this level could result in declines towards $65,000 or even $64,000.
Despite market obstacles, several cryptocurrencies are still viewed as the best crypto to buy now, bolstered by their strong technicals and/or
Read more on cryptonews.com
