1 week ago
7
Key takeaways
- The oversold technical conditions may limit the pace of the decline, but the broader market structure remains bearish.
- The structure will remain bearish unless BTC can reclaim the $64,000 region and build momentum back above key moving averages.
BTC Extends Losses Ahead of Key US Inflation Data Bitcoin (BTC) continued its decline on Wednesday, trading below $61,500 as renewed geopolitical tensions in the Middle East and persistent institutional selling kept risk sentiment subdued.
Investors are also preparing for the release of the US Consumer Price Index (CPI) data for May, which could significantly influence expectations for Federal Reserve policy.
Renewed Middle East tensions keep risk assets under pressure
Geopolitical concerns intensified after the United States conducted what it described as self-defense strikes against Iran following the downing of a US Apache helicopter in the Strait of Hormuz.
Iran’s Islamic Revolutionary Guard Corps (IRGC) responded by saying it had targeted an airbase in Jordan hosting US for...
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