Bitcoin
$109,761 began the new week on an upward trajectory, increasing by 1.41% in 24 hours to approach the $108,000 threshold. After hitting a low of $100,377 last week, the largest cryptocurrency has entered a four-day recovery phase and now faces a critical short-term test. Swissblock, a Switzerland-based analytics firm, emphasized that this week’s key determinant will be the Consumer Price Index (CPI) data to be released in the U.S. on Wednesday.
Inflation Data’s Potential to Rock the Market
The economic data calendar will serve as the primary influence guiding the week. The CPI, set to be announced on Wednesday, along with the Producer Price Index (PPI) expected on Friday, will clarify the inflation landscape in the U.S. Data exceeding expectations may dampen risk appetite over concerns that monetary policy might tighten. Conversely, a softer outlook could offer a respite to the cryptocurrency market and propel prices upwards.
Swissblock Bitcoin Analizi
Despite the incoming data, Swissblock analysts remarked that bulls are repositioning themselves. After last week’s consecutive losses, structural recovery signals have emerged, suggesting that bulls could turn the game around. While investor sentiment remains cautious, the consecutive four-day rally has bolstered buying confidence in the short term.
Critical Support and Resistance Levels in Bitcoin
From a technical standpoint, the price is struggling to consistently surpass the $107,000 band. Swissblock anticipates a “mini-test” around the $104,000 level in the short term. According to on-chain data provider Glassnode, the 0.95 standard deviation slice offers critical support at $103,700, while the 0.85 slice does the same at $95,600. These levels are seen as the first line of defense in the event of increased profit-taking.
In an upward scenario, the standard deviation bands provide room up to $114,800. The cost floor for short-term investors stands at $97,100, whereas a downward break could see $83,200 acting as bottom support. These thresholds are crucial reference points that will determine the weekly trend direction.
Additionally, the price is still working to erase the traces of last week’s three-day downturn. The decline streak that started at $106,901 since June 3 has now ended. If Bitcoin can consistently break past $107,000, it could pave the way to new records.