The post Bitcoin (BTC) Price Surges Past $61,000 as CPI Falls to 2.9%, Signaling Potential Bull Run appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) price holds strong at $61,000 after the Consumer Price Index (CPI) surprises with a 2.9% increase, below forecasts. Cautiously optimistic traders see Ethereum (ETH) surpass $2,700 and Ripple (XRP) hitting $0.58 amidst market adjustments. A positive MACD buy signal for Ripple suggests potential upward movement, targeting $0.69. Discover the latest price movements in Bitcoin, Ethereum, and Ripple following the recent CPI announcement, and understand the implications for the crypto market. Bitcoin Price Stabilizes with Unexpected CPI Data On Wednesday, Bitcoin (BTC) saw a resurgence above $61,000 during the Asian trading session, nearing the challenging $62,000 mark. This movement came as traders await the Federal Reserve’s upcoming decision on interest rates, buoyed by the lighter-than-anticipated CPI data. The CPI for July indicated a 2.9% inflation rate, below the 3% forecast, in contrast with Core CPI holding steady at 3.2%. This development has fed into expectations of a reduced interest rate hike trajectory, potentially fortifying bullish sentiment among BTC traders. Support firmly holds at $58,000 while resistance looms at $62,000, with the 200-day EMA potentially acting as a decisive factor for future price breakthroughs. Analysts Weigh In: CPI’s Impact on Bitcoin Market Dynamics Financial experts are closely watching Bitcoin’s price holding steady between the vital support of $58,000 and the critical resistance at $62,000. A breach above this range backed by stronger technical indicators could lead to a significant upswing, potentially revisiting the $70,000 level. However, traders must remain vigilant as the reported CPI increase brings about potential market volatility. A dip beneath $58,000 could trigger panic selling, pulling BTC down towards $54,000 or even $50,000, emphasizing the need for cautious trading strategies amidst this economic backdrop. Ethereum Battles Resistance Post-CPI Ethereum (ETH) edges back over the $2,700 threshold, emboldened by optimistic market signals including a favorable Super Trend indicator.…

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Filed under: News - @ August 14, 2024 4:25 pm