BTC Up 1.5% as Market Focus Shifts to June CPI and PPI Readings

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By BitcoinWiki News

Key Takeaways:

– Bitcoin price is trading at $30,492 in today’s market, with a 1% rise on Tuesday.
– Ripple attorney accuses SEC Chair Gary Gensler of being a “bad faith regulator”.
– SEC approves Grayscale’s Bitcoin Futures ETF, sparking debate about spot Bitcoin ETFs.
– Investors closely watching June CPI and PPI readings for inflationary pressures.
– Grayscale seeks clarification from the court on “unfairness” in listing and trading trust’s shares.
– The SEC’s approval of Bitcoin Futures ETFs raises speculation about Spot ETFs.
– Focus on US June CPI and PPI reports to impact Federal Reserve’s interest rate decision.
– Bitcoin facing resistance at $31,000 level, with potential for a bullish trend.
– Support levels at $30,300, $29,650, and potentially lower.
– Monitor $31,000 level for potential buying opportunity in Bitcoin.
– Top 15 cryptocurrencies to watch in 2023.
– Cryptocurrency price tracker for finding the best price to buy/sell.

In today’s market, Bitcoin’s price has risen by over 1% to reach $30,492. The cryptocurrency market continues to attract attention, particularly as the chair of the US Securities and Exchange Commission (SEC), Gary Gensler, faces criticism from a Ripple attorney who accuses him of being a “bad faith regulator.” This criticism comes after the SEC approved Grayscale’s Bitcoin Futures Exchange-Traded Fund (ETF). Investors are also closely watching the June Consumer Price Index (CPI) and Producer Price Index (PPI) readings for insights into inflationary pressures and overall economic performance, which could impact Bitcoin’s price movement.

The approval of Grayscale’s Bitcoin Futures ETF by the SEC has sparked a debate about the SEC’s stance on spot Bitcoin ETFs, which are considered to carry fewer risks. Ripple’s lawyer has accused Gensler of being a less insightful regulator compared to his predecessor, Jay Clayton. Concerns about manipulation and fraud have prompted the SEC to deem the proposal for listing and trading shares of the trust as unclear, despite similar vulnerabilities existing in approved BTC Futures ETFs. Grayscale has sought clarification from the court on the notion of “unfairness” and proposed three potential resolutions. These include converting GBTC to spot Bitcoin ETFs before approving the latest Spot Bitcoin ETF filings.

The focus is also on the release of the June CPI and PPI readings, which are critical inflation indicators that could affect the Federal Reserve’s decision on interest rates. Investors will watch for any signs of rising inflation that could lead the Fed to reconsider its plans for an interest rate hike. The anticipation of the CPI release is influencing Bitcoin prices.

In terms of Bitcoin’s price prediction, it is currently facing resistance around the $31,000 level but managing to hold above it. A bullish engulfing candle on the daily timeframe suggests a potential for a bullish trend. Resistance is observed near $31,350, and a break above this level could push Bitcoin towards the next target at around $32,500 or higher. On the downside, support levels can be found around $30,300 or possibly lower. Close monitoring of the $31,000 level is crucial for identifying buying opportunities.

For those interested in other cryptocurrencies, a curated list of the top 15 digital assets to watch in 2023 is provided by industry experts. Additionally, a cryptocurrency price tracker is available to help users find the best prices for buying or selling cryptocurrencies.

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