As Bitcoin and altcoins enter a critical week, there has been an increase in the market in the last 24 hours.
While BTC is pinning above $63,000 today, it is hovering at $62,930 at the time of writing.
While investors focused on US CPI and PPI data and FED President Jerome Powell’s speech this week, a new analysis came from QCP Capital analysts.
At this point, analysts state that $60,000 is a strong support level, except for hawkish surprises in Bitcoin, and expect the rise to continue even if the BTC price continues to consolidate.
Finally, analysts stated that option investors are also on the rise and said that investors expect Bitcoin to reach $65,000 in June and $90,000-$100,000 in December.
“Bitcoin has recouped most of the 5% losses on Friday triggered by hawkish comments from the Federal Reserve.
We think price action will be interrupted here as the market digests the various macro events lined up this week:
Tuesday: US PPI, Powell will speak / Wednesday: CPI, Retail Sales
Despite the lows, given last week’s strong rally, $60,000 still looks like a strong support level barring any hawkish surprises.
Overall, BTC remains structurally bullish, even as the BTC price continues to consolidate here as the market receives more clarity from the Fed.
In today’s options flow, BTC buyers went bullish in June ($65k) and BTC went bullish in December ($90k to $100k).”
*This is not investment advice.