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Investing.com – After correcting on Monday and Tuesday, the gold rebounded significantly yesterday, going from around $35,350 at the start of the day, to a high of $37,975 in the evening, a gain of 7.4% in less than 24 hours , and remains close to these recent peaks this Thursday morning.
To explain this sharp increase in BTC on Wednesday, we will first recall that profit taking took place on Tuesday afternoon, Bitcoin having lost $1,600 in a few hours that day, which led it to touch the threshold $35,000 key.
A rebound has therefore formed on this key support, with investors remaining generally convinced of the bullish prospects of the crypto.
We will also point out that macroeconomic factors argue for the rise of Bitcoin this week, while the lower than expected US CPI and PPI published in recent days suggest that the Fed.
In fact, this data has fueled bets on rate cuts next year, with investors now estimating that there is more than a 75% chance that the Fed will have cut rates at least once in the first half of the year, according to the Fed rate barometer Investing.com.
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As for Thursday, other measures of US inflation are expected, with import and export price indices. We will also monitor weekly US unemployment claims, and the Philadelphia Fed index, as well as industrial production, without forgetting several speeches from members of the Fed.
The program will therefore remain busy, and will once again be likely to influence many assets, including Bitcoin.
Key thresholds to watch on Bitcoin
From a technical analysis point of view, we note that yesterday’s rally was stopped just before the psychological threshold of $38,000, as was the case last week. This zone therefore remains an important immediate resistance for Bitcoin.
If crossed, few concrete obstacles can be identified before the major threshold of $40,000.
On the downside, the thresholds of $37,000 and $36,000 are the first potential supports for Bitcoin, but only a break below $35,000 would begin to call into question the underlying bullish profile of the cryptocurrency.