Bitcoin and several altcoins are likely to be influenced by the upcoming macroeconomic events this week.
Two macroeconomic events could boost Bitcoin’s (BTC) volatility this week. The Federal Reserve’s press conference following the rate decision and the Consumer Price Index (CPI) data, both due on June 12, could help Bitcoin break out from its tight range.
Investors anticipate the breakout to the upside, which could explain the solid buying last week. CoinShares weekly fund flows report on June 10 shows more than $2 billion in inflows into digital asset investment products. That increased the digital investment product’s five-week total inflows to $4.3 billion.
Bitcoin ETFs acquired 25,729 Bitcoin between June 3 and 7, a tad lower than the 29,592 Bitcoin bought in May. The purchase in the first week of June was equivalent to roughly two months’ worth of mining supply, showing demand overtaking supply.
