Bitcoin Bulls Take Another Shot at the Fibonacci Golden Ratio Above $122K as Inflation Data Looms
Main Idea
Bitcoin is testing key resistance levels around $122K, influenced by Fibonacci analysis and U.S. inflation data, while market expectations lean toward a Fed rate cut despite potential volatility.
Key Points
1. Bitcoin rose to $122,056, testing the 1.618% Fibonacci extension level, a key resistance derived from the 'golden ratio'.
2. A successful hold above this level could signal a rally toward $140,000, a popular call option strike on Deribit.
3. U.S. core CPI is expected to rise 0.3% in July, which may cause market volatility but is unlikely to prevent a Fed rate cut in September.
4. A weaker dollar post-CPI report could benefit risk assets, including cryptocurrencies.
5. July's weak jobs report increased bets for a Fed rate cut, contributing to the dollar's downtrend.
Description
Bitcoin (BTC) bulls mounted a fresh challenge to a crucial resistance level as traders looked forward to U.S. inflation data. The top cryptocurrency rose to $122,056, testing the 1.618% Fibonacci extension originating from the 2018 bear market low and the 2022 bear market low. The 1.618% extension is derived from the "golden ratio," a revered mathematical constant in finance, which is widely found in nature and art. Many believe it also influences human psychology and market movements. This is t...
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