The parent cryptocurrency is back in the area around $30k, while maintaining relatively low volatility. Thursday’s US inflation numbers could bring more movement to bitcoin (BTC). Is the current uptrend likely to continue?
Bitcoin (BTC) Shows Rise Ahead of US Inflation
BTC closed yesterday up 2%, peaking at $30,789. It looks like its volatility is starting to wake up after recently hitting an all-time low (ATL). Indeed, bitcoin (BTC) has evolved in a range of 5.68% since the start of the week, with a high of $30,789 and a low of $29,134, according to Binance’s chart on TradingView. For the month of August, the price of Bitcoin shows a 2.90% increase.
This rise comes as the Bitcoin market prepares for the publication of inflation figures in the United States. Scheduled for Thursday, this macroeconomic data could bring more volatility to the Bitcoin (BTC) market.
According to forecasts, the inflation rate on an annual basis should increase by 0.3% compared to the previous level of 3%. A better-than-expected result could strengthen the dollarwhich would have implications negative for Bitcoin (BTC).
In case of Reading below inflation forecast, current bullish momentum for Bitcoin (BTC) could extend. However, it should be noted that the Dollar was in good shape, after the Non-Farm Payrolls data showed an increase from 185k to 187k.
Breakout of a bullish pattern on the price of BTC?
Looking at the chart over a 12-hour period, we can also note a bullish signal on the price of BTC. This is the breakout of the descending channel that had been forming since July. At the same time, the RSI has just crossed the 50 mark, signaling an increase in buyer activity. According to Titan of Crypto, this signal is promising” .
If the inflation figures in the United States confirm this bullish hypothesis, a Bitcoin (BTC) Price Rise to $31,000 Might Be Considered. In the event of a bearish scenario, the major cryptocurrency could drop to the support level located around $28,300. In sum, investors will need to closely monitor the US inflation data expected tomorrow.
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