Crypto Prices Today, July 14, 2024: Bitcoin and Friends Move Variously

Crypto price movements are influenced by several factors, one of which is the impact of the release of US inflation data. Where the market this week is waiting for the release of US inflation data, starting with the Consumer Price Index (CPI).

Ajaib Kripto Financial Expert, Panji Yudha, explained that if the announced inflation figures exceed market expectations, this could potentially have a negative impact on Bitcoin.

However, if inflation figures are in line with or even lower than expected, this could have a significant positive impact on Bitcoin and the crypto market in general.

“From a technical analysis perspective, if BTC stays above USD57,000, there is a chance of testing the USD60,000 resistance. If it falls below USD57,000, BTC has the potential to weaken again to USD54,000 – USD55,000,” said Panji, Sunday (14/7/2024). Panji said that in the past week, the crypto market has experienced turbulent times amid the sale of bitcoin (BTC) by the German government and concerns about the distribution of returns to creditors of Mt. Gox, which is no longer operational, have also raised concerns in the current crypto market.

“However, the bullish outlook is not over yet supported by macroeconomic factors. Federal Reserve Chairman Jerome Powell said on Tuesday (9/7) that keeping interest rates high for too long could harm economic growth. This seems to signal that the central bank is considering policy easing,” he explained.