Bitcoin (Btc) The price struck a new all-time high at $ 123,231 on Wednesday on Coinbase, following a similar performance from the S&P 500 ralling on a record of 6,457.
Bitcoin’s climb to new highs will come one day after the July US CPI printing has shown inflation holding 2.7% year-year, which has not changed since June and below the forecast 2.8%. The data showed a general CPI increase by 0.2% compared to a 0.3% increase in June.
Following the release of the report, the CME Fedwatch’s tool showed the odds of the market a interest rate cut at the September Federal Reserve meeting rising to 93.9%.
Crypto investors say that cuts on Fed rates and a transition from the volume of tightening are beneficial to the history of Bitcoin price action, and many also expect the implementation of US president Donald Trump to outline a major bill to lead to increased spending, inflation and risk looking for financial markets.
Bitcoin and Ether Spot ETFs also caught the attention of entrepreneurs and added to the bullish sentiment present throughout the market. The Faride Investor ‘X Account shows the BTC ETF Netflows up to $ 65.9 million, while the ETH instrument has found $ 523.9 million in sharing purchases on Tuesday.
On Tuesday, ETH ETF saw the first $ 1 billion flow, and while the Bitcoin ETF Netflows slowed down, the instrument still saw $ 1.02 billion in the flow from Friday. The integrated -the Eth’s successful effect clearly boosts emotion throughout the price of Bitcoin and Altcoin.
Heatmap heat data from Hyblock shows bitcoin pushing through a short massacre starting at $ 122,500, with a room for further forced closing positions of up to $ 124,000. Data from coinglass suggests that about $ 2 billion in short positions is at risk of extermination if entrepreneurs push BTC prices by $ 122,800 to $ 125,500 liquidity clusters.
Related: Bitcoin Bulls Charge to All-Time Highs As the Trader says $ 126K ‘Pivotal’
The Bitcoin rally on new highs places a market cap above $ 2.45 trillion, while the total crypto market cover is currently standing on a record of $ 4.15 trillion.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
