Bitcoin BTC/USD Traders Hope Macroeconomic Data Extends Relief Rally and Halts the Crypto King\'s Recent Slide Below $60,000

What Happened: Crypto analyst Michaël van de Poppe predicted a positive week for Bitcoin in his latest post, pointing to several catalysts

Bitcoin (CRYPTO: BTC) traders are hopeful that macroeconomic data could extend the recent relief rally and halt the crypto king’s recent slide below $60,000.

Here's what happened in crypto markets on Friday.

What Happened: Crypto analyst Michaёl van de Poppe predicted a positive week for Bitcoin in his latest post, pointing to several catalysts.

Trader Capo Of Crypto tweeted that he remains bullish for the next few weeks, especially on altcoins. He cited factors like selling pressure from the German government being absorbed.

Regarding Ethereum ETF approvals, he noted all spot Ethereum ETF applicants filed updated S-1s and VanEck & 21Shares officially filed 19b-4s for spot Solana ETFs.

See More: Best Cryptocurrency Scanners

Also Read: What Technical Analysis Says About Bitcoin’s Latest Dump

Why It Matters: With the recent volatility in crypto markets, new macro data could influence cryptocurrency markets, possibly reversing the bearish start to the month.

Social media traders expect a good CPI print to further fuel the rally.

On the latest inflation data, Bitcoin prices surged by 4% above the $69,000 mark, as annualized CPI rose by 3.3%, which was slightly lower than both the previous month's 3.4% and analysts' forecasts.

What's Next: The influence of Bitcoin as an institutional asset class is set to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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