Key Takeaways:
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July US CPI held stable at 2.7% year-on-year, strengthening the Fed Cut bet bet at 93.9% for September.
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The main price support lies between $ 117,650 to $ 115,650, with a deeper collapse that tests a CME space for $ 95,000.
Bitcoin (Btc) Price may continue to rally after the release of July US Consumer Price Index (CPI), showing inflation Holding In 2.7% year-on-year, unchanged from June and below the 2.8% forecast. The main CPI, excluding food and energy, increased 3.1% year -to -one, in accordance with expectations. On a monthly basis, the overall CPI rose 0.2%, emerging from 0.3% in June, while the CPI core rose 0.3% compared to a 0.2% obtained previously.
The data reinforces a mild bullish backdrop for Bitcoin, as cooling inflation boosts the case for financial easing, a positive factor for risk assets. A lower interest rate reduces the cost of handling bitcoin, which potentially draw fresh capital in the market.
Following the release of CPI data, market expectations for a September fed rate cut up 93.9%, according to CME FedwatchWhile entrepreneurs are priced at a increased likelihood of financial emergence.
However, the in-line core CPI figure suggests that the underlying price pressure continues, indicating that the Fed may still require more evidence before taking action.
At the forefront, the producer price index next week (PPI, 2.3% estimated) and primary PPI (2.5% estimated) can be key. A softer-than-anticipated print can confirm a bullish macro setup for Bitcoin, strengthening the lower rate of expectations and strengthening demand for risk assets such as bitcoin.
Related: Bitcoin gets a $ 95k target as ‘ugly’ BTC price candle spoils breakout breakout
Bitcoin hit $ 130,000 in September?
Following a bullish weekend, Bitcoin climbed Monday at $ 122,190, but the gains were short-lived as the price quickly sank 3% to $ 118,500, not receiving a daily
Posting us with the release of the CPI, the BTC rebounds at $ 119,500, even though a decisive approach to the top of $ 119,982 remains key to confirming the immediate reversed momentum. A day -to -day -near -$ 120,000 will be a historic first, which potentially ignores the next leg of Bitcoin rally.
In the face of technical, a flag flag pattern on the sun -day chart recently broke upside down. The current pullback can be a retest before continuing towards the main target of $ 130,000.
Noticeably, noting, technical analysts of crypto titanium Projects A similar bullish scenario, looking at $ 137,000 based on a downward trendline breakout seen on Sunday.
However, failure to recover $ 120,000 can invite short-term downside pressure. Immediate support lies in the $ 117,650- $ 115,650 zone. The main area of this support also coincides with the CME gap formed over the weekend, making it a key zone for entrepreneurs to watch.
Number mentioned Through Cointelegraph, despite the handling of higher soil, the BTC is not fully immune to the loss of critical $ 100,000 support, with a deeper correction can test the levels of $ 95,000.
Related: Bitcoin will make history at $ 340k if the BTC Beats last cycle of 2,100% obtained
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.
