Bitcoin Hits New All-Time High Above $120K as U.S. Inflation Data Looms
Main Idea
Bitcoin surged past $120,000, reaching a new all-time high, driven by market optimism and external factors such as U.S. tariff announcements, with predictions of further price increases by year-end.
Key Points
1. Bitcoin surpassed $120,000, marking a 28% year-to-date gain, and was trading above $121,000 as of midday Hong Kong time.
2. The price surge followed President Trump's announcement of a 30% tariff on the EU and Mexico, effective August 1.
3. John Glover, CEO of Ledn, predicted Bitcoin could rise to $136,000 by the end of the year, citing technical analysis and market trends.
4. Economists expected the U.S. CPI to rise 0.25% monthly (2.6% annualized), with core CPI forecast at 0.3% monthly (3% annualized), potentially impacting risk assets like Bitcoin.
5. Market optimism was fueled by factors such as corporate adoption of Bitcoin, ETF inflows, and a positive regulatory outlook in the U.S.
Description
Bitcoin (BTC) rose past $120,000 for the first time on record, taking the year-to-date gain to 28%. BTC is currently trading above $121,000 as of midday Hong Kong time, according to CoinDesk market data. The move follows President Donald Trump's decision to impose a 30% tariff on the EU and Mexico, starting Aug. 1, and marks a bullish resolution to roughly 48 hours of choppy price action that allowed overbought signals from short-duration indicators to reset to bullish. The focus now shifts to t...
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