July CPI Comes in Cool at 2.7%: What This Means for the Price of Bitcoin
- The US Consumer Price Index (CPI) for July came in cooler than expected at 2.7%.
- This creates a bullish setup for Bitcoin, which dipped 3% just before the announcement.
- Analysts point to a historical pattern where a pre-CPI dip leads to a post-CPI rally.
Bitcoin is facing a strong sell wall around the $120,000 level. The latest attempt to break higher was rejected, resulting in a 3% retrace to about $118,525 on Tuesday. This short-term weakness is being highlighted by a “death cross” on the four-hour chart and a bearish divergence on the daily RSI, both hinting at a possible correction.
If the price closes below its mid-term rising trendline, it could be pushed back toward the support level around $117,000. However, the macro bullish trend remains strong, as shown by the daily MACD indicator, which has recently flashed a buy signal.
Nevertheless, the macro bullish trend remains strong, as flashed by the daily MACD indicator. Notably, the daily MACD indicator saw its MACD line cross above the Signal line amid rising bullish histograms.
July Infl…
The post July CPI Comes in Cool at 2.7%: What This Means for the Price of Bitcoin appeared first on Coin Edition.
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July CPI Comes in Cool at 2.7%: What This Means for the Price of Bitcoin
- The US Consumer Price Index (CPI) for July came in cooler than expected at 2.7%.
- This creates a bullish setup for Bitcoin, which dipped 3% just before the announcement.
- Analysts point to a historical pattern where a pre-CPI dip leads to a post-CPI rally.
Bitcoin is facing a strong sell wall around the $120,000 level. The latest attempt to break higher was rejected, resulting in a 3% retrace to about $118,525 on Tuesday. This short-term weakness is being highlighted by a “death cross” on the four-hour chart and a bearish divergence on the daily RSI, both hinting at a possible correction.
If the price closes below its mid-term rising trendline, it could be pushed back toward the support level around $117,000. However, the macro bullish trend remains strong, as shown by the daily MACD indicator, which has recently flashed a buy signal.
Nevertheless, the macro bullish trend remains strong, as flashed by the daily MACD indicator. Notably, the daily MACD indicator saw its MACD line cross above the Signal line amid rising bullish histograms.
July Infl…
The post July CPI Comes in Cool at 2.7%: What This Means for the Price of Bitcoin appeared first on Coin Edition.
Read More