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Investing.com – The cryptocurrency lost ground to start the week on Monday, and continued to weaken on Tuesday morning, with the cryptocurrency bottoming out at $36,230.
Let us recall that yesterday, calm from a macroeconomic point of view, was nevertheless the occasion for an increase in expectations of a rate hike from the Fed, which weighed on risk assets, including cryptocurrencies.
Indeed, the Investing.com Fed rate barometer shows this Tuesday that the rate of 0.25% for the next FOMC meeting on December 13 rose to 14.3%, against 9.1% the day before.
In question, we can assume fears regarding the US inflation data expected this Tuesday, to the extent that data better than expected could lead the Fed to further tighten its policy.
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Also note that US retail sales will be published simultaneously, and could also influence expectations for the Fed’s next decision, and therefore Bitcoin and many other assets.
Gold will also be paying attention to any news about Bitcoin and spot ETFs, as experts expect a spot Bitcoin ETF launch by January 10, and BlackRock (NYSE:) is expected to officially file a proposal of Ethereum ETF spot with the SEC this week.
Technical thresholds to monitor on Bitcoin
From a graphical point of view, we note that the slight correction observed in recent days does not call into question the upward bias on the daily chart.
On the other hand, a break below $35,000 would constitute a significant bearish signal for Bitcoin, which would put the $33,500-34,000 zone in its sights.
On the upside, $37,000 and $38,000 remain the first resistances to watch. Then, attention could turn directly to the major psychological threshold of $40,000.