Institutional demand and possible rate cut keep Bitcoin above $118k; check forecast
Main Idea
Bitcoin's price remains above $118k due to institutional demand and potential Fed rate cuts, with market recovery fueled by spot Bitcoin ETF inflows.
Key Points
1. Bitcoin (BTC) is trading at $118,223, up 1% in the last 24 hours after dropping to $115,627 on Tuesday.
2. Spot Bitcoin ETFs saw $403 million in inflows, with BlackRock’s IBIT leading at $416.35 million.
3. Traders anticipate a September Fed rate cut following subdued CPI data, which could boost BTC in the medium to long term.
4. BTC's 4-hour chart shows bullish momentum, with potential to test the $120k resistance level or retest support at $115k if momentum falters.
5. Bitcoin's market has matured with improved liquidity and increased participation from professional trading firms.
Description
Bitcoin experienced a turbulent Tuesday as the price sank below $116k after hitting an all-time high on Monday. However, the market is currently in a recovery phase, with BTC adding 1% to its value in the last 24 hours to currently trade above $118k. Altcoins, including Ether, XRP, and Dogecoin, also recorded excellent gains in the last few hours as the total cryptocurrency market cap looks set to break above $4 trillion for the first time in history. Spot Bitcoin ETF inflow and possible rate cu...
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