Bitcoin’s price has fallen below $61,000, reaching as low as $60,300 earlier today. This drop is happening at the same time that big investors (whales) are trading less. Santiment data shows that the number of transactions worth more than $100,000 in Bitcoin has gone down from 10,098 to 8,176.
Even though Bitcoin’s value has gone down, its funding rates show a good sign, rising from 0.004% to 0.007% in the last day. But, if Bitcoin’s price drops below $60,000, there could be big losses and more price changes.
The Relative Strength Index (RSI) is now at 45, which means Bitcoin is in a balanced state before the CPI report comes out. The US CPI report, coming out today, is expected to show that inflation has gone down to 2.3%. This could affect the Federal Open Markets Committee’s choice about interest rates.
Looking back at past events, good news about the US economy has often made the crypto market more positive. The last US jobs report helped push Bitcoin above $64,000, and a drop in US inflation might do the same for market feelings.
