Analysts predict bitcoin growth due to US economic data

Cryptocurrency analysts predict that bitcoin may grow due to the impact of new economic data from the United States. Last week, the cryptocurrency lost more than 4% of its value, which was caused by weak labor market indicators and outflows from funds that track bitcoin. However, expected data on inflation and other economic indicators may determine the future course of the asset.

The main factors affecting the value of bitcoin remain the US macroeconomic data, in particular the consumer and producer price indices to be published this week. According to forecasts, positive economic data may help bitcoin recover as investors respond to signals of inflation stabilization. At the same time, the risk is that if macroeconomic indicators deteriorate, the US Federal Reserve may continue its aggressive monetary policy, which will put pressure on the cryptocurrency market.

A financial analyst from AMBCrypto notes that current technical indicators indicate uncertainty in the market. The RSI (Relative Strength Index) shows a neutral position, which indicates the possibility of both recovery and further decline in the price of bitcoin. In the absence of major macroeconomic shocks, it is likely that bitcoin will trade in a narrow range. However, in case of positive news, investors may return to the asset, which will increase its value.

In addition, analysts note the importance of market sentiment. If investors perceive new economic data as a sign of stability, it could push the price of bitcoin up. However, negative data will continue to put pressure on the cryptocurrency, increasing the outflow of funds from the market.

As a reminder, 10x Research analysts suggest that the price of bitcoin could fall to $ 45,000. «Bitcoin addresses peaked in November 2023 and dropped sharply after the first quarter of 2024. When the number of BTC held by short-term holders began to decline in April and long-term holders took advantage of high prices to exit, it indicated that the top of the cycle had been reached,» the crypto experts explained.