Bitcoin price is currently consolidating with the $30,000 level for almost a month waiting for a boost to exit the consolidation. However, after a healthy accumulation, BTC price is expected to break above the resistance level.
But with the upcoming US inflation rate update, the asset is expected to slide lower to form new lows soon. In addition, altcoins may hit harder than bitcoin by the weekend.
So, when can bitcoin go bullish even if inflation rates have been abandoned? Well, the Fed has given some indications before which there has been talk of raising rates. And if in case, the rates are increased by more than 8.5%, it could cost the crypto space huge numbers.
However, if the rates are fixed between 8% to 8.3%, the analyst believes that no major changes may be seen. Meanwhile, the US Dollar index is also gaining significant momentum as it is hovering within the same key resistance above 103.
The DXY Index is expected to undergo a ‘V-shape’ recovery to strengthen and reach its ATH. This is indeed very bearish for bitcoin and the crypto space as a whole, while a rise in rates could further ignite BTC’s collapse.
Hence, the upcoming inflation rates are expected to turn the tables for the entire crypto space, mainly Bitcoin which is hovering between critical levels. A bullish scenario can be set only if rates fall below 8% as this will be the second consecutive slash since April.
Collectively, the upcoming weekend is very important for BTC price and other altcoins, as it may again revisit lower support. And if the market falls again, a rebound cannot be expected any time in the next few months.