Reserve Dollar

bullish

Bitcoin

Reserve

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) shrugged off global macroeconomic events on Aug. 13 as BTC price action stayed below $60,000.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/02164420-8268-461f-8cce-8239db7241e6.png" alt="Bitcoin buyers wait below $58K as Japan wipes out record stocks crash" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-ignores-snap-japan-rebound">Bitcoin ignores snap Japan rebound</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed a lackluster Wall Street open for BTC/USD, which contrasted with stock markets.
The bullish mood was led by Japan on the day, which saw the Nikkei 225 completely recover its <a href="https://cointelegraph.com/news/warren-buffett-right-5-things-bitcoin-this-week">record losses</a> from earlier in the month. The index closed at 36,232 points, up 3.45% on the day.
United States equities also posted a promising start, with the S&amp;P 500 and Nasdaq Composite Index up 0.8% and 1.4%, respectively, within the first hour.
That strong performance was aided by the July print of the Producer Price Index (PPI), which came in below expectations — a key driver behind bets of interest rate cuts and increased capital flowing to risk assets.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/56336ec3-c239-4d6c-9455-ead1336e92c1.png" alt="Bitcoin buyers wait below $58K as Japan wipes out record stocks crash" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/KobeissiLetter/status/1823336523015553391" target="_blank" rel="noopener nofollow">The Kobeissi Letter</a>
 </figcaption>
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The latest data from CME Group’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">FedWatch Tool</a> showed markets favoring a larger 0.5% rate cut by the Federal Reserve at its next meeting in September. Prior to the PPI release, markets had ascribed a greater chance of a 0.25% cut.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/87591b7a-56eb-407c-9ca2-daa72bccfe44.png" alt="Bitcoin buyers wait below $58K as Japan wipes out record stocks crash" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
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Commenting on crypto’s reaction, popular trader Daan Crypto Trades showed how macro data releases often result in short-term fakeout moves.
“This was just PPI so the move wasn’t large,” he <a href="https://x.com/DaanCrypto/status/1823344093251907775" target="_blank" rel="noopener nofollow">acknowledged</a> in a post on X. 
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 “We tend to see similar things on CPI which often causes much larger (and slightly slower) whipsaw moves.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/4e44482a-2591-4a80-8e80-b7a56ed68d04.jpeg" alt="Bitcoin buyers wait below $58K as Japan wipes out record stocks crash" title="">
 <figcaption style="text-align: center;">
 BTC/USDT chart. Source: Daan Crypto Trades/X
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Daan Crypto Trades referred to the upcoming Consumer Price Index (CPI) print due on Aug. 14.
“PPI not a bad start. Coming in slightly below which I think is good. Gives the Fed room to start cutting (this would not be great if we’d get hot inflation reads),” part of a further post <a href="https://x.com/DaanCrypto/status/1823337339516580334" target="_blank" rel="noopener nofollow">added</a>. 
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 “But also not going into the negative where we’d have to start getting afraid for deflation yet.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/d5b33f17-f727-4183-b153-cd821b88cc7e.png" alt="Bitcoin buyers wait below $58K as Japan wipes out record stocks crash" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
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A look at exchange order book liquidity from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a>, meanwhile, showed bid depth increasing around the $58,000 mark, along with strengthening asks at $60,000 as spot price edged higher.
“Will test $57600?” it <a href="https://x.com/coinglass_com/status/1823314416374603875" target="_blank" rel="noopener nofollow">queried</a> on X.
<h2 id="bitcoin-price-all-time-high-still-in-reach-next-month">Bitcoin price all-time high still in reach next month</h2>
Continuing on the macro theme, trading firm QCP Capital suggested that CPI would form the highlight of the week for markets.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-3-months-copy-gold-bull-run-analyst">Bitcoin price may need 3 months to copy gold bull run — Analyst</a>
Investors, it said in its latest bulletin sent to Telegram channel subscribers, “remain cautious.”
“They will closely watch inflation numbers for guidance on whether the Fed will cut rates by 50 or 25 bps in September,” it wrote.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, gave September as a guideline date for Bitcoin hitting new all-time highs — continuing what was a <a href="https://cointelegraph.com/news/bitcoin-trader-2-months-all-time-high-china-cuts-rates">popular narrative</a> prior to the early August crash to six-month lows.
“Great bounce last week on Bitcoin,” he <a href="https://x.com/CryptoMichNL/status/1822996467222557091" target="_blank" rel="noopener nofollow">wrote</a> on the day alongside a chart showing key levels.
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 “However, I’d like to see $60K break. If that happens, then I’m quite sure that we’ll be seeing a new all-time high in September/October.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/3524dd7b-b35a-45ec-b62b-01d0fd49710d.png" alt="Bitcoin buyers wait below $58K as Japan wipes out record stocks crash" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-day chart. Source:&nbsp;Michaël van de Poppe/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin buyers wait below $58K as Japan wipes out record stocks crash

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