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Cryptocurrency markets always have strong expectations, and a quick rebound is anticipated even after the last major drop. BTC is currently hovering around $59,550. If it can start closing above $60,000, altcoins may become active again. So, what is the current situation for the Japanese market? Why is this so important for cryptocurrencies?
Japan and Crypto
The major drop in the markets last week was a result of fluctuations in Asian markets. Bitcoin has not yet fully considered the rapid recovery in the Japanese market and has not erased its losses. However, we see that the Nikkei 225 has completely compensated for the record losses at the beginning of the month.
The stock market closed the day up 3.45% at 36,232 points. US stocks started the day positively due to the gains in the Nikkei 225. The S&P 500 and Nasdaq Composite Index increased by about 1% in the first hour. The PPI data coming in below expectations was also supportive for US stock markets.
FedWatch data indicates that market expectations are maturing around 50bp, and the first cut is targeted for September without delay. Before the PPI data, the September cut expectation was at 25bp.
Daan Crypto Trades wrote the following on his X account after the latest data;
“This was just the PPI, so the movement wasn’t big. We tend to see similar things in the CPI, which usually causes much larger (and slightly slower) fluctuation movements. PPI is not a bad start. I think it comes in a bit below good. It provides room for the Fed to start cutting (if we get hot inflation readings, that wouldn’t be great).”
Bitcoin Prediction
According to CoinGlass data, investors’ orders for BTC are concentrated around the $58,000 region. While the outlook is positive for maintaining the region as strong support, the expectation of a new pullback will not make altcoin investors happy. If we see a pullback, the $57,600 level could be tested.
Michael Poppe describes September as a good starting point for Bitcoin to reach its all-time high. This also indicates the end of the usually stagnant summer months, so time may prove Poppe right.
“There was a great jump in Bitcoin last week. However, I want to see $60,000 broken. If this happens, I’m sure we’ll see an all-time high in September/October.”
