BTCUSD

The major cryptocurrency Bitcoin will determine its direction this week based entirely on macroeconomic data and global risk appetite. As one of the most liquid risk assets, Bitcoin is significantly affected by expectations regarding US monetary policy. The US CPI data to be announced on Wednesday is the most critical data of the week. Data that exceeds expectations and supports the Fed's hawkish stance could create selling pressure on Bitcoin by reducing liquidity. In this case, support levels of 105,406 (S1) and 104,481 (S2) may come into play. Conversely, data indicating a slowdown in inflation and increasing risk appetite in the markets has the potential to drive Bitcoin towards resistance levels of 106,777 (R1) and 107,223 (R2).