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The US inflation report published yesterday indicated the first drop in consumer prices in four years. This report increased interest in high-risk assets like Bitcoin. Market sentiment was positively affected, and expectations for Federal Reserve rate cuts quickly reshaped. Now, the market is curious about what this optimism means for Bitcoin.
Will Bitcoin Sail to New Horizons?
Optimism was towards Bitcoin reaching prices of $60,000 and above. However, this optimism was short-lived. Bitcoin’s price failed to surpass the resistance level around $59,600 and retreated below $57,000. Such rejections at resistance levels have been seen before and led to deeper sell-offs. This indicates that Bitcoin might experience more price weakness in the short term.
There are also some promising indicators regarding Bitcoin’s future direction. The daily chart’s MACD (Moving Average Convergence Divergence) histogram shows a crossover above zero, indicating bullish momentum. Additionally, the exhaustion of the surplus from Germany’s Saxony region, meaning the end of Germany’s BTC sales, could contribute to reducing selling pressure.
Uncertainties Exist, but There Are Supportive Factors
The upcoming distribution of 95,000 BTC from Mt. Gox creditors creates uncertainty in the Bitcoin market. However, it is not yet clear how much of this BTC will be sold. On the other hand, the possibility of the Federal Reserve lowering interest rates in September and positive attitudes towards cryptocurrency regulation could provide a supportive ground for long-term Bitcoin investors.
In its daily bulletin published today, crypto prime broker FalconX highlighted several potential tailwinds for Bitcoin. The planned $16.3 billion repayment by FTX could turn into buying pressure. Additionally, it is noted that the potential sales from Mt. Gox creditors may not reflect the impact of Saxony’s sales and that the distribution of these assets will be more diverse. These factors could distribute sudden selling pressure and provide balance in Bitcoin’s future price movements. Looking at the price of Bitcoin, the flagship of cryptocurrencies, we see that it is trading at $57,260.
