Bitcoin’s price forecast for August – A new ATH may be next, but CPI week is key!
Main Idea
Bitcoin's price movement in August may be influenced by key U.S. economic data, including CPI and PPI, with potential for a new all-time high (ATH) if macro conditions align.
Key Points
1. Bitcoin's price is in a holding pattern ahead of key U.S. economic data releases, including CPI and PPI, which could impact Fed policy and market sentiment.
2. Core inflation is expected to rise slightly to 2.8% in July's CPI report, while the CME FedWatch Tool indicates an 88% probability of a September rate cut.
3. Bitcoin's Aggregated Funding Rates turned positive, and Open Interest climbed to $41.5 billion, signaling increased bullish leverage in the market.
4. BTC/USD's daily chart shows strong momentum, with a bullish MACD crossover and RSI at nearly 66, while ETH/BTC's decline suggests capital rotation towards Bitcoin.
5. Bitcoin's price cleared $120,000, with $118,000-$119,000 as key support, and the next resistance level is the $123,000 ATH.
Description
With key U.S. inflation and spending data on deck, all eyes are on Bitcoin.
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