Sahana Vibhute
In the last few days, the spot Bitcoin ETFs have been stacking like crazy, which marked fine highs. The BTC price experienced a huge upswing prior but the recent accumulation does not appear to have had a significant impact on the price. However, the BTC price continues to flow within the post-halving re-accumulation zone, waiting for the right time to trigger a healthy breakout.
While the BTC price slumped by more than 4% upon the NPF (Non-Farm Payroll) data, which is a key economic indicator, how will the token react to the upcoming CPI, PPI & FOMC data?
Before digging into the consequences, it’s important to know the current trade set-up of the BTC price rally. The token has ranged between $60,000 and $70,000 for nearly three months and the liquidations have been building up, displaying a clear imbalance to retrace. Therefore, the high-time price action remains bullish, while the day’s trade may vary.
With the major events lined up in the coming week, the BTC price rally is displaying two scenarios,
- Either the Bitcoin price may recover the NFP move in the first few days of the week and consolidate until FOMC data comes out. Further, an aggressive FOMC move may occur, followed by a retracement
- Otherwise, the consolidation may continue and the FOMC data may recover the NFP pullback, which may be followed by a sweep and a pullback.
It is important to note that both scenarios could end up in a bearish pullback, probably back below $70,000. Therefore, the next few days may be pretty important for the Bitcoin (BTC) price rally, as any upswing beyond $71,500 may be another bull trap.
