China, Gold, and a Possible Move into Bitcoin
James Hyerczyk, a senior FX Empire editorial team member, discussed possible BTC demand from China. The PBoC recently ended its gold (XAU/USD)-buying spree, fueling speculation that BTC could be next on the shopping list.
A hotter-than-expected US CPI Report and hawkish FOMC economic projections could give the PBoC an entry price. Reports of China snapping up BTC could drive BTC to new all-time highs.
However, China demand could attract the attention of the Biden Administration, and Senator Elizabeth Warren.
Technical Analysis
Bitcoin Analysis
BTC hovered above the 50-day and 200-day EMAs, affirming the bullish price signals.
A BTC break above the $69,000 resistance level would support a move to the Friday (June 7) high of $71,992. A return to $71,992 could give the bulls a run at the $73,808 all-time high.
The US CPI Report, the Fed, and BTC-spot ETF market flow data require consideration.
Conversely, a BTC fall through the 50-day EMA could signal a drop toward the $64,000 support level.
With a 46.64 14-Daily RSI reading, BTC could fall to the $64,000 support level before entering oversold territory.
