Bitcoin sees strong support at $17,000
World markets are waiting for data from Central Banks this week. The interest rate decisions coming from America first and then Europe will affect the course of the markets.
We have entered the “Central Bank” week in global markets. In this week, when extremely critical data will be announced, as of tomorrow, the eyes of the market will be first on the USA and the FED, and then on the European Central Bank. Last Friday, the fact that the last PPI data before the FED meeting in the US stock markets was realized above the market expectations on a monthly basis triggered the sales and the markets closed negative.
Bitcoin sees strong support at $17,000
The three major central banks, the Fed, the European Central Bank and the Bank of England, are expected to raise interest rates by 50 basis points this week. In addition, inflation figures in the USA will be announced tomorrow. The expectation is for inflation to decline from 7.7% to 7.3%. We expect risk appetite to be low until tomorrow and then to fluctuate.
This morning, the global risk appetite is limitedly negative. US futures, on the other hand, started the day with slightly negative movements. Sales in Asia were observed at slightly more pronounced levels. We can say that China is half a percent, Hong Kong is 2 percent, and Japan is slightly negative. The Dollar Index is 105.1 and gold started trading around $1,788 an ounce.
Bitcoin, which entered the weekend with the higher-than-expected US producer inflation (PPI) data and retreated from $ 17,200 levels to $ 17,000 support after the data, moved in a very narrow band gap over the weekend. We can say that Bitcoin, which started the first trading day of the week at $ 16,900 with bad data from China, is likely to price with low risk appetite until 16.30 on Tuesday. The $17,775 resistance level is above, while the $16,7000 region below is the initial support level.
