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Crypto Market Predicted to Be Dim This Week

Liputan6.com, Jakarta The crypto market recorded significant gains last week amid bullish sentiment. The approval of a US spot Ethereum ETF saw Bitcoin along with most altcoins rally last week amid growing optimism.

Tokocrypto trader Fyqieh Fachrur explained that there was some volatility, especially because investors took a pause and sought further clarity.

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At the beginning of this week, Bitcoin prices even regained the USD 70,000 level due to news that the European Stock Exchange was strengthening, triggered by expectations of a cut in the European Central Bank (ECB) interest rate.

“However, the increase did not last long, and BTC was again pressured by the downward trend so that it returned to trading below the USD 70,000 level,” said Fyqieh in a press release, quoted Wednesday (29/5/2024).

He added that Bitcoin must hold above the main support level at USD 66,000 to maintain bullish momentum, but obstacles such as US PCE inflation data and numerous speeches by Fed officials could remove positive sentiment from the market.

US Official Speeches

Fyqieh said that this week, all attention is still focused on a series of speeches by Fed officials, which are anticipated to provide insight into future US interest rate policy.

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Meanwhile, market players are eagerly awaiting signals amid indications of declining US inflation. Scheduled speeches include Minneapolis Fed President Neel Kashkari, Fed Governor Lisa Cook, and San Francisco Fed President Mary Daly on May 28.

“Crypto market players will also continue to monitor developments in the potential impact on asset prices amidst developing economic sentiment and policy considerations,” he explained.

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Crypto Market Predicted to Be Dim This Week

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