Bitcoin gained ground on Tuesday but tapered off after surpassing $110,000, with the price hovering above $109,000 while total crypto market value reached $3.38 trillion.
The rise comes one week before the crucial Fed’s meeting on June 18.
The price could be swayed soon by the US consumer price index, which is likely under pressure due to Trump’s tariffs.
Consumer prices are expected up 0.3% m/m and 2.3% y/y, while core prices are expected up 2.9% y/y.
Higher inflation would reduce the odds of future Fed rate cuts, in turn hurting the crypto industry.
Analysts are mixed on the outlook of bitcoin, with some expecting a sharp correction towards $95,000, while others believe bulls remain in control with the price heading towards the $140,000-$150,000 range.
Technical Signals Hint at $140,000
Multiple technical signals and indicators likely pave the way towards a solid breach of the $112,000 recent record high, with a solid target at $143,000, representing a 35% profit.
Traders are also on edge as the US conducts trade talks with China in London, which could have an impact on the crypto industry.
The previous talks in Geneva led both sides to suspend most tariffs for 90 days, underpinning the S&P 500 and the crypto markets.
But tensions have brewed once again since then with both sides accusing the other of violating the deal and restructuring critical minerals and products unfairly.
Global Corporations Buy up Bitcoin
Strategy’s Chairman Micheal Salyor hinted on the X platform at new upcoming bitcoin purchases under a new plan for the company’s wallet.
From Japan, MetaPlanet issued 555 million shares with the target of collecting $5.4 billion to buy more bitcoins, aiming at gathering 210,000 bitcoins overall by 2027, thus sending the company’s share over 15% higher.
