Momentum Is Here – But Will Liquidity Unlock Bitcoin’s Price Discovery?
Main Idea
Bitcoin's recent rally has surpassed its breakout target, with analysts suggesting further gains depend on liquidity trends and upcoming economic data, while Ethereum leads the altcoin rally.
Key Points
1. Bitcoin's price momentum is aligning and showing signs of ignition, supporting potential further gains, according to Swissblock.
2. Liquidity metrics are crucial for Bitcoin's next move; a drop below 40 could lead to pullbacks, while staying in the 50-60 range may fuel another rally.
3. Ethereum has led the recent rally, gaining 21% and breaching $4,300 for the first time since 2021.
4. Bitcoin's performance is correlated with US stocks, and the upcoming US CPI release could impact market expectations and Fed decisions.
5. Key upcoming economic data include US CPI on August 12th, PPI and unemployment claims on August 14th, and US retail sales on August 15th.
Description
Bitcoin’s recent rally briefly surpassed its $120,500 breakout target, which has raised the question of what’s next for the leading cryptocurrency. But liquidity trends will determine whether momentum continues or stalls near all-time highs. Liquidity for Breakout Potential In its latest market commentary, Swissblock said that while broader macroeconomic volatility and potential downside pressure remain in play, Bitcoin’s price momentum is “aligning” and showing signs of “ignition.” Such a setup...
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