Bitcoin is close to $62,800 on Monday, and investors are preparing for economic data and geopolitical news within a week.
Bitcoin faces multiple challenges.
Bitcoin faced the effects of inflation data, tensions in Iran, retail reports and major bank accounts. Oil prices and interest rates are expected to determine whether Bitcoin can be maintained at over $60,000, or to test resistance positions again. ETF inflows support, but traders still need to confirm the signal of a breakthrough of $65,000 as soon as possible.
CPI and PPI may reset interest rate expectations
The consumer price index will be released in June at 8.30 a.m. Eastern Tuesday. The PPI will be published at the same time on Wednesday. These reports will show whether price pressures have eased after consumer inflation reached 4.2 per cent in May and producer inflation remained high.
Bank accounts and ETF inflow could affect bitcoin
The second quarter of the fiscal season will also begin this week. Morgan Chase, Goldman Sachs, American banks, banks of rich countries and Citigroup will publish their financial statements on Tuesday. The encryption market has limited kinetic power in these incidents, but is supported by exchange-trade funds.