Bitcoin Price has hit a new of all time high above $ 124k, fed by increasing opportunities for a FED rate reduction in September, stimulated by the US CPI lecture of July.
Summary
- Bitcoin reached a highest point of $ 124,000 when the chance of a FED rate rose in September.
- Spot Bitcoin ETFs have attracted more than $ 1 billion in the net entry for the past five sessions.
- An ascending channel pattern has been formed on the BTC 4-hour graph.
According to data from crypto.news, Bitcoin (BTC) rose more than 8.5% to $ 124.128 in the last 7 days on Friday, morning Asian time, which set up a new all time. It has since fallen slightly lower to $ 123.197 from the moment of the press, and still has a profit of 32% since the beginning of this year and more than 62% of the layer to date.
Bitcoin’s Push to Fresh Highs came a day after the US issued the CPI report of July, which the annual inflation showed stable with 2.7%, corresponding to the rate of June and was below 2.8% prediction. The report also indicated that total consumer prices increased by 0.2% month on a month, at a profit of 0.3% in June.
The Cme fedwatchA well -followed tool for measuring the market expectations of the interest rate changes of the Federal Reserve showed the chance of a rate reduction during the September meeting that rose to 95.8%after the US CPI print.
A reduction in the FED rate would lower loan costs and increase liquidity, so that investors are often called in for risk-on-assets such as cryptocurrencies looking for higher returns.
Inflow into Spot Bitcoin and Ethereum ETFs have also been a crucial factor that supports BTC’s meeting into new all time.
Sosovalue facts Toon that the 12 Spot BTC ETFs have attracted more than $ 1 billion in the last five trading days, while their ether opposite hues on Tuesday alone won around $ 1 billion, along with a bullish sentiment on the crypto market.
A glimpse of the BTC -LiquidatiewarmteMap of CoingLass to show The recent move from Bitcoin to new highlights was accompanied by a wave of short liquidations, in particular in the range of $ 124,000 – $ 126,000, because price pressure traders who threw against the rally to close positions. This short cover probably strengthened the upward momentum during the run -up.
However, the graph also reveals a dense concentration of long liquidation levels clustered around $ 120,000 – $ 121,000. If the price brought itself back to this zone, this could activate a cascade of forced sales, which accelerates the downward pressure.
BTC price analysis
Bitcoin seems to have formed an increasing parallel channel pattern on the 4-hour graph, which consists of higher highlights and higher lows in two upward trunks of parallel lines. This formation usually indicates a continuation of the prevailing uptrend.
The price of the token is currently going back after touching the upper limit of the channel, with a movement to around $ 120,500 probably towards the end of the current session. If BTC has support at this level, it can come back to $ 127,000 in the next leg higher, assuming it will continue to trade in the channel.
The bullish crossover of the 50-day advancing average above the 200-day advancing average further reinforces the upward distortion, indicating a sustainable positive momentum in the trend.
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