• The Bitcoin price is currently hovering around $27,000, leading to speculation about whether the asset will bounce back.
• Economic indicators such as PCE, GDP and jobless claims could affect a US Federal Reserve interest rate hike that could add more pressure to the US financial system.
• BTC total market cap remains unchanged at $530 billion on the daily chart at TradingView.com.
Bitcoin Price Struggles
The king of cryptocurrencies is once again the talk of the town as the Bitcoin price continues to struggle in the market. With prices hovering just a little over the $27,000 mark, many investors are wondering if Bitcoin will ever recover from its recent dip. As the broader cryptocurrency market trades sideways, the fate of the king crypto remains uncertain, leaving traders and investors to ponder how and when it will bounce back.
Recent Performance Sparks Debate On Future Trajectory
The beginning of 2023 saw Bitcoin making headlines for all the right reasons. The cryptocurrency giant led an impressive rally that lifted the entire crypto ecosystem, proving naysayers wrong who had declared the asset dead multiple times in 2022. The Bitcoin price soared beyond $30,000, marking an impressive run that left many investors optimistic about its future. However, this hot streak was abruptly interrupted and has since declined back to around $27k prompting speculation on whether this is merely a minor correction or start of a more significant downtrend.
Economic Indicators And Interest Rate Hike
The financial market is paying close attention to economic indicators such as Personal Consumption Expenditures (PCE), Gross Domestic Product (GDP), and jobless claims on April 27th as they could have an impact on a possible US Federal Reserve interest rate hike and Federal Open Market Committee’s (FOMC) decision. According to CME Group’s FedWatch Tool there is a growing likelihood of another interest rate increase which could add more pressure to US financial system with 90% probability of 0.25% hike .
BTC Total Market Cap Unchanged
BTC total market cap remains unchanged at $530 billion on daily chart at TradingView.com
As of now it remains unclear what will happen with Bitcoin but there are several reasons why some people believe that it may soon surge beyond its current value of around $27k and potentially reach new highs beyond 30k zone in near future depending on economic indicators outcome that affects Fed’s decision making process regarding interest rate hikes .