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Is the crypto market preparing for the next move by the Federal Reserve: Will inflation data trigger selling?
Following last week's suggestion by Federal Reserve Chairman Jerome Powell that interest rates may be cut by the end of this year, Bitcoin (BTC) bulls have regained momentum.
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Bitcoin oscillated near 64,000 after a wave of highs last week. The bulls made another push to challenge the 65,000 level in the morning and encountered resistance, causing the price to fall back. Currently, a double top pattern has formed at the upper level, indicating a lack of conditions for further rise and posing a risk of decline in the short term.
The bitcoin bull market has just begun, with the potential for profits as high as 10 times for 5 types of cryptos.
BTC is currently consolidating around the 64000 level, with a low of only 63522 over the weekend. Although the TON event has some impact, its impact on BTC is currently minimal.
