Bitcoin Price Closes in on All-Time High as Traders Await Key Inflation Data
Main Idea
The article discusses Bitcoin's recent price surge and market trends, highlighting its potential to break its all-time high amid increased trading activity and speculation.
Key Points
1. Bitcoin has rebounded 4.5% since Saturday, nearing its mid-July record high of $122,838.
2. Traders are closely watching the upcoming CPI release for indications of potential Federal Reserve rate cuts.
3. Open interest has risen by 7,834 BTC, with spot and perpetual buying volumes surging, driven by speculative long positioning.
4. Analysts predict Bitcoin could reach $150,000 by the end of the year, citing volatility and market trends.
5. The correlation between NASDAQ and Bitcoin has increased, influencing recent price movements.
Description
Speculative positioning and macro tailwinds are driving Bitcoin's momentum ahead of Tuesday’s inflation print. But how far can it run?
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