Bitcoin Price Prediction: Key US Inflation Data Just Dropped – Where is BTC Going Next?
Main Idea
Bitcoin's price reacts to key U.S. inflation data, with technical analysis suggesting potential bullish or bearish scenarios, while a new Bitcoin-native Layer 2 project, Bitcoin Hyper ($HYPER), gains investor interest.
Key Points
1. Bitcoin is trading at $119,745, up 1.02% in the past 24 hours, following the release of U.S. inflation data showing July’s CPI rose 0.2%, matching expectations.
2. Core CPI (excluding food and energy) climbed 0.3%, the largest monthly gain since January, pushing the year-on-year figure to 3.1%.
3. Technical analysis indicates Bitcoin faces resistance between $117,335 and $123,250, with an ascending trendline signaling sustained higher lows.
4. Bitcoin Hyper ($HYPER), a Bitcoin-native Layer 2 project powered by Solana Virtual Machine, has raised over $8.3 million in its presale, offering tokens at $0.012625.
5. The Federal Reserve’s potential rate cut in September is reinforced by weak jobs data and downward revisions to prior nonfarm payrolls.
Description
Bitcoin is trading at $119,745, up 1.02% in the past 24 hours, as traders digest fresh U.S. inflation data. July’s Consumer Price Index (CPI) rose 0.2%, matching expectations, while annual inflation held at 2.7%. Core CPI—excluding food and energy—climbed 0.3%, the largest monthly gain since January, pushing the year-on-year figure to 3.1% from June’s 2.9%. Inflation is 50% above the Fed's target, and rising. Furthermore, core CPI has been above 3% since 2021, yet you are arguing for rate cuts? ...
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