Despite ongoing legal action from the United States and markets preparing for a slew of macroeconomic data releases, the pair has seen a curiously uneventful start to the week.

This lack of volatility has meant that Bitcoin has remained in a narrow range that’s been in place since midway through the weekend. Some analysts, such as Crypto Tony, have noted that this might be a risky day for any deep trades. They also considered upside potential should the support flip occur.

It’s worth noting that trading suite Decentrader flagged multiple resistance levels to overcome next. It also noted that funding rates were climbing, indicating a potential trend reversal that might have already entered. While other traders, including Moustache and Michaël van de Poppe, founder, and CEO of trading firm Eight, noted that BTC/USD still holds trend lines that could be a cause for optimism. Specifically, the 21-week and 200-week exponential moving averages (EMAs).

Van de Poppe commented the day before about the latter. He said, “Ultimately, we’ll see coming few days whether that’s going to sustain or whether we’ll continue this downwards slope.” This sentiment seems to be echoed by many analysts who are waiting to see how the markets will react to the upcoming macro data prints for the week centering on the Consumer Price Index (CPI) due June 13.

The CPI announcement is just a day before the Federal Reserve announces interest rate changes. The Fed is expected to enact a pause in interest rate hikes, something which would follow a full ten consecutive hikes and mark a long-awaited turning point in policy. While this is potentially good news for risk assets, including crypto, not everyone is upbeat about the impact of a rates freeze.

Analytics account The Long View wrote in part of its latest Twitter commentary that, “The Fed will likely still sound hawkish, but the more important question is if they will hold rates where they are (effectively tightening policy) if inflation falls further.” This sentiment is shared by many analysts who believe that the Fed must be cautious about how it handles interest rates in the long term.