Will Bitcoin Price Hit $112k or $105.5k Next Am

Will Bitcoin Price Hit $112k or $105.5k Next Amid Upcoming High Impact News?

The trade deal between the U.S. and China will have a long-term positive impact but Bitcoin has experienced a sell-the-news scenario.

Thursday’s U.S. PPI data will induce further crypto volatility amid ongoing pressure on the Fed from the executive to cut rates soon.

Bitcoin (BTC) price has faced a mild resistance of around $110,300 in the past three days. The flagship coin has formed a short-term bearish sentiment, coinciding with the trade deal between the United States and China.

After experiencing significant hype in the last few weeks, the closure of the U.S.-China tariff negotiations have triggered a short term sell-the-news narrative on Bitcoin. Moreover, BTC price dropped more than 1 percent in the past 24 hours to trade about $108,728 on Wednesday, June 11, during the mid-North American session.

Key Bitcoin Fundamental Aspects to Consider Before the End of this Week

U.S PPI Data on Thursday 

The U.S. President Donald Trump has been pressuring the Federal Reserve to cut interest rates to match with the EU market. On Wednesday, the Bureau of Labor Statistics announced a cooler than expected inflation through the CPI data.

On Thursday, the same agency will release PPI data, which shows the change in price of finished goods and services over time. With the FOMC statement happening next week, Bitcoin price will continue to experience more volatility.

U.S. Spot BTC ETF Cash Flow

The U.S. Spot Bitcoin ETF issuers have been a major supporter of the BTC network in the past year. As Coinpedia has severally reported in the past, the U.S spot BTC ETFs have been the fastest growing investment vehicle in the 21st century to currently hold total net assets of about $132 billion.

On Tuesday, BlackRock’s IBIT led in net cash inflow of about $336 million, followed by Fidelity’s FBTC with a net cash inflow of about $67 million.