5 Things to Watch for in Bitcoin This Week: CPI Data, Interest Rates, and More

5 Things to Watch for in Bitcoin This Week: CPI Data, Interest Rates, and More

Bitcoin (BTC) starts a new week in familiar territory as the cryptocurrency's latest comeback attempt faces a fresh test. After reclaiming $65,000 on May 22, BTC/USD subsequently dipped to challenge $64,500 support before recovering. With key macroeconomic data due and analysts still wary of calling a trend reversal, Cointelegraph outlines five factors worth considering for the week ahead. 1. Ranging after last week's drop, direction due early this week Despite the mini price retracement, Bitcoin is still up 13% for the past month, with bulls still in control. 2. US interest rate decision and May's CPI release on the cards The Federal Reserve is due to announce its latest decision on interest rates on Wednesday, with the threat of inflation remaining a concern. 3. Weekly close above $69,000 eyed For popular trader and analyst Rekt Capital, reclaiming $69,000 in a weekly timeframe close is the next important bullish hurdle. 4. BTC monthly chart forms potential bull flag, accumulation underway Analyzing longer timeframes, meanwhile, fellow trader Peter Brandt noted that $BTC/USD is currently forming a potential bull flag pattern on the monthly chart. 5. On-chain metrics show BTC whales accumulating Finally, on-chain data shows signs that large investors are already stacking sats.