bullish

Bitcoin

Spot

<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-btc-price-eyes-to-hit-70k-amid-potential-positive-cpi-data/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Eyes To Hit $70K Amid Potential Positive CPI Data?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>With a positive release of the <a href="https://coinpedia.org/news/cpi-data-drops-below-3-for-first-time-since-march-2021/" target="_blank" rel="noopener noreferrer nofollow">CPI data</a> to 2.9% against a forecast of 3%, the inflation has dropped below the 3% mark for the first time since March 2021 (39 Months). Following this, the Bitcoin price has held its value above the $61K mark, highlighting a bullish sentiment in the coming time.</p>
<p>With this, questions like “Will Bitcoin price reclaim $70K?” and “Will BTC price rise back up?” are on a constant rise.</p>
<p>Dive in as, in this article, we have uncovered the market sentiments, price analysis, and possible short-lived price targets of the Bitcoin (BTC) crypto token.</p>
<h2 class="wp-block-heading" id="h-btc-crypto-price-on-the-verge-of-a-major-breakout">BTC Crypto Price On The Verge Of A Major Breakout?</h2>
<p>Amid increased price volatility in the crypto market, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has jumped over 3% within the past day with a trading volume of $29.900 Billion, a change of -9.77%. Furthermore, with a jump of 6.28% over the past week, this token displays a bullish outlook this week.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdosAVC61hvA82xaYkjYubklgcuPm4y-KtHjtm5LI7CBp_rtZnmnNz5X05-jdWs5SLG_Lp3wcT7visIsQjFNvulS6Mh8f7AZngBtIKTGdTKyf0kggGo-ECBdiWcxp6M6Es7Q12SAt8SMzs3P9nCrqJ8nWY?key=Chwug3QXIxrzeHLK2DBQJQ" alt="Bitcoin Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: BTC/USDT
 </figcaption>
</figure>
<p>Notably, Bitcoin has continued to hold its dominance above the 56% level and presently stands at 56.2% with a market capitalization of $1.203 Trillion.</p>
<p>Moreover, the <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> is on the verge of testing its resistance trendline of the descending channel pattern in the 1D time frame. A breakout could result in this crypto token gaining significant attention, thus resulting in it heading toward its upper resistance levels.</p>
<h2 class="wp-block-heading" id="h-bitcoin-btc-market-sentiments">Bitcoin (BTC) Market Sentiments</h2>
<p>The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram with its averages displaying a high possibility of a bullish convergence in the 1D time frame. This highlights a positive outlook for the star crypto in the coming time.</p>
<p>Further, the SMA indicator shows a bullish curve in the Bitcoin price chart. This suggests an increase in the buying-over-selling pressure within the crypto space.</p>
<h2 class="wp-block-heading" id="h-bitcoin-spot-etf-update">Bitcoin Spot ETF Update:</h2>
<p>On 13th August, the Bitcoin Spot ETF has recorded a total inflow of $39 Million. Notably, Blackrock’s “IBIT” has recorded the highest inflow with $34.6 Million, followed by Fidelity’s “FBTC” with $22.6 Million. On the other hand, Bitwise’s “BITB” has added $16.5 Million over the past day.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXen2nf5D66e8eYTqiP151HquagMKbbwNM-QNg6hUb8MmqhYV6QYKa8yVPRNEJjqiT0xHhYKLXyQMari68kgHwS2KN7OwxxrewpSmb3oO_PdALUVWwKRnH9Gx_UoHXuPw1gQ2u9tcpD3BiYtMftvtEttkiYL?key=Chwug3QXIxrzeHLK2DBQJQ" alt="">
 <figcaption class="wp-element-caption">
  Source: SoSoValue
 </figcaption>
</figure>
<p>On the other hand, Invesco, Franklin, VanEck, Valkyrie, WTree, and Grayscale’s “BTC” have recorded a neutral flow over the past day.</p>
<p>However, Ark’s “ARKB” has recorded an outflow of $6.1 Million. Notably, Grayscale’s “GBTC” has recorded a negative flow for the 9th consecutive day with an outflow of $28.6 Million.</p>
<h2 class="wp-block-heading" id="h-will-btc-price-reclaim-70k-this-august">Will BTC Price Reclaim $70K This August?</h2>
<p>If the market holds the BTC price above its support level of $61K, the bulls will regain momentum and prepare to test its upper resistance level of $$67,775. Further, if the market holds the price at that level, the market leader will prepare to test its ATH of $73,750.07 in the coming time.</p>
<p>Conversely, a bearish trend reversal could pull the Bitcoin crypto price toward its lower support level of $55,000.</p>

Bitcoin (BTC) Price Eyes To Hit $70K Amid Potential Positive CPI Data?

Table of Contents

CoinPedia News

Other articles published on Aug 14, 2024

Bitfarms Founder Resigns Amid Riot Platforms’ Takeover

Bitcoin Steady at $61,000 Amid 2.9% U.S. CPI Rate

Binance introduces ‘Super Earn’ to allows users to earn a Special Annual Percentage Rate (APR)

Ledger Launches New Crypto & NFT Hardware Wallets To Mark 10 Years Since Launch

Ethereum Sees Surge in On-Chain Activity as Institutional Investment Soars

Bitcoin Price Analysis: Is $64K Next for BTC or is a Crash Toward $56K More Likely?

Join our free newsletter for daily crypto updates!