Bitcoin (BTC) at $30k, will US inflation reinforce this rise? August 9 analysis
The leading cryptocurrency is back in the zone around $30k, while maintaining relatively low volatility. US inflation figures on Thursday could bring more movement on bitcoin (BTC). Is the current uptrend likely to continue?
Bitcoin (BTC) rises ahead of US inflation
BTC closed up 2% yesterday, peaking at $30789. It seems that its volatility is starting to wake up after recently hitting an all-time low (ATL). Indeed, bitcoin (BTC) has moved in a range of 5.68% since the start of the week, with a high at $30789 and a low at $29134, according to Binance’s chart on TradingView. For the month of August, the Bitcoin price is up 2.90%.
The rise comes as the Bitcoin market prepares for the release of US inflation figures. Expected on Thursday, this macroeconomic data could bring further volatility to the Bitcoin (BTC) market.
The inflation rate on an annual basis is forecast to rise by 0.3% from the previous level of 3%. A higher-than-expected result could strengthen the dollar, with negative implications for Bitcoin (BTC).
In the event of a lower-than-expected inflation reading, the current upward momentum in Bitcoin (BTC) could be extended. However, it’s worth noting that the dollar is in good shape, after non-farm payrolls data revealed an increase from 185k to 187k.
Breaking a bullish pattern on the BTC price?
Looking at the chart over a 12-hour period, we can also see a bullish signal on the price of BTC. This is the breakout of the descending channel that had been taking shape since July. At the same time, the RSI has just broken through the 50 mark, signalling an increase in buyer activity. According to Titan of Crypto, this signal is “promising”.
If US inflation figures confirm this bullish hypothesis, a rise in the price of bitcoin (BTC) to $31,000 could be on the cards. In a bearish scenario, the leading cryptocurrency could fall to the support level around $28,300. All in all, investors will need to keep a close eye on tomorrow’s US inflation data.
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Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.