Bitcoin Price Falls Below $58k Despite Favourable CPI Print - Are Crypto Presales Better Investments?

Bitcoin Price Falls Post-CPI

The release of the June Consumer Price Index (CPI) data by the US Bureau of Labor Statistics on Thursday initially appeared bullish for Bitcoin. Inflation came in lower than expected, suggesting an interest rate cut in September. However, the Bitcoin price subsequently fell nearly 2% below $58,000.

Bitcoin Trades Below Key Support

At press time, Bitcoin is trading at $57,300, below the 200-day Exponential Moving Average (EMA) at $58,170. This suggests that the bulls may not be able to secure a daily close above this level.

Correlation with Stock Market

The cryptocurrency market has recently diverged from the US stock market. However, the decline in the S&P 500 and NASDAQ 100 today may indicate a renewed correlation. This could be concerning for Bitcoin, as the S&P 500's Relative Strength Index has entered oversold territory.

Potential Correction to $47,000

Digital Nomad Woman suggests that Bitcoin may correct to $47,000 before resuming its bullish trajectory. This is based on her belief that Bitcoin has historically tested its 40-week average after major corrections.

Crypto Presales: An Alternative Investment?

Some investors are considering crypto presales as an alternative to Bitcoin amid concerns about a potential extended crash. Projects like Pepe Unchained and WienerAI have raised significant funds and offer incentives such as high staking rewards and AI-powered trading bots.

Disclaimer

This article is for informational purposes only and should not be considered investment advice.