BTCUSD

Bitcoin had a day in line with low activity in traditional markets due to the holiday in the U.S. on Monday. This week, macroeconomic data and signals from the Fed regarding monetary policy will be decisive in affecting global risk appetite for the cryptocurrency markets. The FOMC minutes to be released on Wednesday and the Core PCE inflation data coming from the U.S. on Friday may influence investors' risk perception and thus the demand for Bitcoin. The pivot level for Bitcoin is 109067.32. A hawkish Fed stance and a strengthening dollar can generally exert pressure on Bitcoin and pull the price towards support levels of 107744.80 (S1) and 105775.39 (S2). A more dovish Fed or rising inflation concerns, on the other hand, could push Bitcoin towards resistance levels of 111036.73 (R1) and 112359.25 (R2).