Bitcoin Eyes $62,900 As U.S. June CPI Data Releases This Week
The post Bitcoin Eyes $62,900 As U.S. June CPI Data Releases This Week appeared first on Coinpedia Fintech News
Bitcoin shows a strong recovery rally, gaining momentum as it records three consecutive bullish days after the bearish week. The trend reversal in Bitcoin reveals bullish dominance at the $56,000 mark, with two long-tail candles avoiding a drop underneath.
With the market anticipating rate cuts in September, upcoming CPI data and the hype around Ethereum ETFs are known bullish catalysts. Despite the FUD noticeable among some whales, the broader market recovery continues.
Will this uptrend continue this week to reclaim the $60,000 mark and head higher? Will the BTC price prediction of hitting $100,000 stand true?
Bitcoin Price Performance
With the Bitcoin price taking a bullish reversal from the $56,000 level despite a minor dip below it, the crypto market is bouncing back. Under a pullback phase, as it reverses from the overhead resistance trendline, the BTC price to and fro near the 200D EMA.
On closer look, the recent bullish reversal in Bitcoin is initiated by a crucial support trendline with two prominent lower price rejection candles. Teasing a double-bottom reversal, the BTC price recovers 5.13% within 72 hours.
With three consecutive bullish candles, the biggest crypto is ready to challenge the secondary resistance trendline. The recovery rally teases a bullish breakout run to reproach the overhead trendline potentially.
Currently, the BTC price trades at $58,749 with an intraday gain of 1.23% and surfaces above the 200D EMA.
U.S. BTC Spot ETF Inflows Signal Potential Bull Run
On July 9, 2024, Bitcoin ETFs saw a significant net inflow of $216 million, marking the third consecutive day of positive gains. BlackRock’s IBIT led the charge with a $121 million boost, while Grayscale’s GBTC experienced a $37.5 million outflow. Despite last week’s 10.92% correction, Bitcoin has rebounded with a 5.13% jump over three days.
The cumulative net inflow for Bitcoin ETFs now stands at $15.27 billion, with total net assets reaching $50.79 billion, representing 4.45% of Bitcoin’s market cap. This sustained positive inflow suggests renewed investor confidence, potentially teasing the next bull run for Bitcoin.
Bitcoin’s Potential Reaction to U.S. June CPI Data
The US Consumer Price Index (CPI) data for June 2024 is set to be released on July 11 at 08:30, with a forecast of 3.1%, down from the previous month’s 3.3%. Last month’s CPI came in at 3.3%, slightly below the expected 3.4%, leading to a 1.39% rise in Bitcoin’s price.
If the actual CPI comes in lower than the forecast of 3.1%, then Bitcoin price is likely to increase as seen last month. However, if the actual CPI matches the forecast of 3.1%, the market sentiment will likely be neutral to slightly positive.
On the flip side, if the actual CPI is higher than the forecasted 3.1%, the market sentiment might turn negative. This could result in another dip to the $56,000 level.
Will The Bitcoin Price Rise Above $60,000?
With the recovery rally gaining momentum, the BTC price teases a strong end to this week. As potential bullish events line up in the coming days, the chances of a stronger recovery increase.
With the secondary trendline under pressure, the breakout rally could pump Bitcoin to the 50D EMA at $62,921, a 7% jump.
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