Bitcoin
Bitcoin (BTC) News Today: BTC Slips on ETF Outflows Amid US CPI and Fed Rate Fears
China, gold and a possible move to Bitcoin
James Hyerczyk, senior member of the FX Empire editorial team, discussed possible demand for BTC from China. The PBoC recently closed its gold (XAU/USD) – buying spree, fueling speculation that BTC could be next on the buying list.
A warmer than expected US CPI report and aggressive economic projections from the FOMC could give the PBoC an entry price. Reports that China is snapping up BTC could drive BTC to new all-time highs.
However, China’s demand could attract the attention of the Biden administration and Senator Elizabeth Warren.
Technical analysis
Bitcoin Analysis
Bitcoin hovered above the 50 days and 200 days EMAaffirming the signs of rising prices.
A BTC break above the $69,000 resistance level would support a move towards Friday’s (June 7) high of $71,992. A return to $71,992 could give bulls a run to the all-time high of $73,808.
The US CPI report, the Fed, and BTC spot ETF market flow data require consideration.
On the other hand, a BTC drop from the 50-day EMA could signal a drop towards the $64,000 support level.
With a 14-day RSI reading of 46.64, BTC could fall to the $64,000 support level before entering oversold territory.