Bitcoin is seeing heightened investor interest, with sentiment reaching a seven-month high. The recent U.S. Consumer Price Index (CPI) indicated a year-over-year increase of 2.4%, against expectations of 2.5%. Core CPI also performed better than predicted at 2.8% versus 2.9%. Together, these figures diminished the strength of the U.S. Dollar Index (DXY), which recently fell to 98.5, and helped shift market expectations regarding potential Federal Reserve interest rate cuts.
Given the current bullish sentiment, analysts believe Bitcoin may push past $115,000, particularly as the U.S. Producer Price Index (PPI) release approaches on June 12. Analysts expect this figure to rise by 0.2% month-over-month, with core PPI anticipated to reach 0.3%. If the forecasted numbers come in lower, this could further bolster Bitcoin’s price.
As noted by trader Jacob Canfield, "I honestly don't remember a time where I've seen prices going up this much and funding rates being completely flat. This usually means that the underlying rallies are mostly spot driven." This sentiment reflects curiosity among traders about the sustainability of the current price increase, given that generally high leverage can lead to significant sell-offs.
Technically, Bitcoin is forming a bullish pennant on its chart, indicating continued upward momentum. Immediate resistance is identified at $110,000, but some analysts suggest a potential dip to $108,000 to clear outstanding buy orders could fuel further rallying. Key support levels include $106,748 and a more critical zone at $104,900.
Given the current bullish sentiment, analysts believe Bitcoin may push past $115,000, particularly as the U.S. Producer Price Index (PPI) release approaches on June 12. Analysts expect this figure to rise by 0.2% month-over-month, with core PPI anticipated to reach 0.3%. If the forecasted numbers come in lower, this could further bolster Bitcoin’s price.
As noted by trader Jacob Canfield, "I honestly don't remember a time where I've seen prices going up this much and funding rates being completely flat. This usually means that the underlying rallies are mostly spot driven." This sentiment reflects curiosity among traders about the sustainability of the current price increase, given that generally high leverage can lead to significant sell-offs.
Technically, Bitcoin is forming a bullish pennant on its chart, indicating continued upward momentum. Immediate resistance is identified at $110,000, but some analysts suggest a potential dip to $108,000 to clear outstanding buy orders could fuel further rallying. Key support levels include $106,748 and a more critical zone at $104,900.
