Bitcoin’s 230-Day Wait: Is the $160K BTC Breakout Waiting to Happen?
- After a 230-day wait, Bitcoin is looking for a catalyst for a major BTC breakout toward a $160K target
- The July 15 US inflation report is the key event that could trigger a Federal Reserve interest rate cut
- Historical data shows Bitcoin tends to rally ~50% after similar long consolidation periods
The crypto market is at a turning point, with all eyes now on July 15th’s U.S. inflation report. The latest US jobs data came in stronger than expected, putting pressure on the Federal Reserve to hold off on interest rate cuts. But according to analyst Ran, inflation numbers could still open the door for a rate cut this month, a move that might trigger a big Bitcoin rally.
Why The Jobs Data Shook Bitcoin
On Friday, the US reported 147,000 new non-farm jobs, beating expectations of 110,000. The unemployment rate also stayed low at 4.1%, versus an expected 4.3%. A strong labor market usually means the Fed won’t rush to cut interest rates, and that’s why Bitcoin’s price briefly dropped from $110,000 to around $109,000 after the report.
The next big event is the US inflation report on July 15th. If inflation drops to around 2.3%–2.4% or lower, there’s a…
The post Bitcoin’s 230-Day Wait: Is the $160K BTC Breakout Waiting to Happen? appeared first on Coin Edition.
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Bitcoin’s 230-Day Wait: Is the $160K BTC Breakout Waiting to Happen?
- After a 230-day wait, Bitcoin is looking for a catalyst for a major BTC breakout toward a $160K target
- The July 15 US inflation report is the key event that could trigger a Federal Reserve interest rate cut
- Historical data shows Bitcoin tends to rally ~50% after similar long consolidation periods
The crypto market is at a turning point, with all eyes now on July 15th’s U.S. inflation report. The latest US jobs data came in stronger than expected, putting pressure on the Federal Reserve to hold off on interest rate cuts. But according to analyst Ran, inflation numbers could still open the door for a rate cut this month, a move that might trigger a big Bitcoin rally.
Why The Jobs Data Shook Bitcoin
On Friday, the US reported 147,000 new non-farm jobs, beating expectations of 110,000. The unemployment rate also stayed low at 4.1%, versus an expected 4.3%. A strong labor market usually means the Fed won’t rush to cut interest rates, and that’s why Bitcoin’s price briefly dropped from $110,000 to around $109,000 after the report.
The next big event is the US inflation report on July 15th. If inflation drops to around 2.3%–2.4% or lower, there’s a…
The post Bitcoin’s 230-Day Wait: Is the $160K BTC Breakout Waiting to Happen? appeared first on Coin Edition.
Read More