Bitcoin Consolidates Ahead of Key U.S. Economic Data: Will It Reach New ATH?

Key Points

1. Inflation data is crucial for determining the Fed’s next rate move, which could significantly impact Bitcoin’s price.

2. Ethereum’s market share is declining as capital flows back into Bitcoin, indicated by a drop in the ETH/BTC ratio.

3. Bitcoin’s funding rates are positive, suggesting renewed bullish sentiment among traders.

4. The Producer Price Index (PPI) and retail sales data are key indicators that could influence Bitcoin’s short-term price movement.

5. MicroStrategy purchased 155 Bitcoins between August 4 – August 10 at an average price of $116,401, totaling $18.0 million.