Bitcoin Is Struggling at This Key Level
Bitcoin gains a slight bump from Thursday as it continues to struggle around a key level that is well below the past resistance level of $70
Bitcoin (BTC) is up marginally today, gaining just 0.31% over Thursday and sitting at a price point of $64,196 (BTC/USD).
Over the past few days, Bitcoin has not been able to get above $65,000 and stay there, creating what looks like at least a temporary resistance level at $65k.
Bitcoin has lost 1.71% over the last week, and despite gaining on some days, it is down overall and is struggling to make progress toward the crucial $70,000 level. That is not what investors expected through March and April as the coin drew closer to its halving.
What Bitcoin Investors Have to Look Forward to
While Bitcoin may be kept down by the high inflation and economic environment that this creates, there may be some positive news on the horizon. If inflation starts to improve even in small ways, that could give Bitcoin a chance to break out and go bullish for a short while.
We have seen the stock market improve lately thanks to a number of positive earnings reports. Even though trading is muted compared to earlier in the year, there is still a lot of activity and the opportunity for significant gains.
The cryptocurrency market needs some positive developments to give it a boost, which it may get in the form of economic data that is coming this week. We expect to see the US Advance GDP q/q report as well as Unemployment Claims and Pending Home Sales m/m. These reports could shift the inflation numbers and help the crypt market, if they prove to be positive.
Investors are likely not going to need much good news to take more of a chance on Bitcoin. Watch the upcoming reports carefully to see if they may help start off a bull run for Bitcoin. Investors have been growing restless around the coin, especially with the muted performance through the halving, and they are likely ready for any kind of impetus to start trading heavily.
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