CPI inflation in the United States reaches 2.4 %, a figure below forecasts. These data that has just been published allow you to hope for a future rate drop. According to the Fedwatch tool, this could even happen for the month of September. This positive perspective could allow Bitcoin to continue to progress, even if it seems to be in an advanced phase of the bullish cycle. According to an analyst, the price of Bitcoin still has room before being able to find a market top. We enter the details in the bulletin of the day!
Bitcoin's price drops slightly over 24 hours (-1.7 %)
The BTC has trouble passing the Psychological threshold of $ 110,000. In fact, the price of bitcoin blocks against 110 000 $ and he 1.7 % drop in 24 hours. Despite this slight decrease, the course is up 2.5 % in one weekof 5.4 % in a month and more than 30 % in three months : Paire 1h 24h 7j 1m 3m 6m
BTC/ETH
-0.13%
-0.53%
-2.61%
-7.00%
-9.95%
49.81%
BTC/USDT 0.10% -1.67% 2.47% 5.37% 31.59% 5.81% Bitcoin performance against different pairs. Source: Coincheckup the BTC/ETH ratio Stagne over the last 24 hoursbut he Fall of 2.6 % in one weekof 7 % in a month and 10 % in three months. Ethereum tries to return to the height of 3 000 $.
Is Bitcoin's course still far from having reached its market top?
Since the beginning of 2023, the buyers are in a position of strength On the course of Bitcoin. The sellers have tried several times to regain control, but they have so far failed. Indeed, the BTC has just Validate a new ATH around $ 112,000. We can then wonder: when will Bitcoin reach his next Top you bull run ? Benjamin Cowen, the CEO of Into The Cryptove, seems to have found the magic recipe:
Bitcoin and mobile average course over 200 weeks. Source: Benjamin Cowen account The analyst noticed that the market tops intervene since 2013 when the Mobile average over 200 weeks (white) crosses the previous historic record. A configuration that is still far from appearing againand that, even with a BTC more than 110 000 $. It will take a significant increase to have a lowering signal. Of course, nothing says that such a signal will continue to work.
The BTC course goes to the support at $ 106,000
For the moment, the sellers defend the Zone between $ 110,000 and $ 112,000. Therefore, the BTC is heading towards the Support at $ 106,000 :
Bitcoin course against the dollar (4 hours)-Register for trading view using our affiliation link. As long as the course retains $ 106,000we can hope for a ATH on the BTC. In the event that the sellers prevail, and the course Fall under $ 106,000we could see the king of cryptos on the Support at $ 102,000. For its part, the RSI will have to develop above 76 to have a Momentum Haussier in 4 hours. The Bitcoin course cannot frankly break the $ 110,000. But according to the analysis of Benjamin Cowen, the price of Bitcoin still has room before finding a market top. And other on-chain and techniques indicators also go in this direction.
Bitcoin news that counts
The price of Bitcoin has already evolved well during this cycle, but it seems that it has the capacity to go even higher. On-chain and techniques data are encouraging.