• Mon. Apr 22nd, 2024

Weeks After Inflation Data, BTC Price Moves Closer To $30,000

Maria Bartiromo

ByMaria Bartiromo

Aug 11, 2023

Bitcoin’s price has risen significantly in response to the latest inflation figures, approaching the $30,000 threshold. This is coming after the release of the United States Bureau of Labor Statistics’ Consumer Price Index (CPI) statistics on July 12. Data shows that Bitcoin suffered a 4% price increase, setting a new high for the year of $31,500.

This increase in the value of Bitcoin, indicating a 104% increase in trading activity, occurred ahead of the release of CPI inflation statistics on August 10. The previous CPI statistics, published on July 12, suggested a slight 1% increase in inflation for the preceding month, raising expectations for the upcoming announcement.

With the fresh CPI statistics now available, Bitcoin’s price has increased significantly; however, it has yet to reach the $30,000 price mark. Bitcoin’s price had already increased by 5% in the week preceding the release of the CPI data in response to the approaching release of the inflation statistics. This trend gained traction after the release, with an additional 4% increase.

Analysts have noticed a parallel trend in transaction volume to the price increase. An analysis released on the FX Leader’s platform reveals that the BTC Transaction Volume was 147,670 transactions on August 6. However, by the end of August 9, this amount had risen to 302,500 transactions, indicating greater market activity and interest in cryptocurrencies.

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The Relative Strength Index (RSI) is now at a neutral level of 53. This indicates a balanced market momentum, indicating a delicate balance of purchasing and selling movements. According to Richard Adrian, a cryptocurrency market expert, this equilibrium may represent a cautious investor mood as they await the full consequences of the just disclosed inflation statistics.

Cryptocurrency Role In Inflation Explained, BTC Trading Volume Slow Down

Another industry expert, James Rubin, wrote on CoinDesk that the cryptocurrency market has remained sensitive to macroeconomic issues such as inflation, indicating a unique interaction between traditional financial indicators and the domain of digital assets.

Further investigation shows that all indicators are geared towards creating a dominant bullish sentiment. The data also showed 19 indicators showing a Buy signal, three indicating a sell, and ten remaining neutral. Also, market oscillators indicate positive responses, with nine indicators showing neutral signals, two recommending a Buy, and 0 indicating a Sell. The dynamic interplay between traditional financial markets and the fast-rising digital asset ecosystem continues to highlight cryptocurrencies’ growing influence on the broader economic story.

As market participants assess the recent increase in Bitcoin’s price and transaction volume, all eyes are now on how the cryptocurrency will react to the most recent inflation figures. A look at BTC trading analysis today shows that the intensity in bitcoin trading within the last 24 hours went down a bit.

This is also reflected in the market capitalization, which saw a 0.90% decrease to $572,340,352,687. The BTC trading volume decreased by 35.54%, representing $13,697,539,597 in the last 24 hours. Meanwhile, Bitcoin’s Moving Average Convergence Divergence (MACD) shows a strong bullish sign at -72.

This implies that there is a potential upward momentum around the corner. On the other news, the price of Gold has also reacted to the current U.S. Inflation by declining to $1925 on Friday: a 4-week low. This development is said to have defied the regular correlation between the upward movement of the Gold and credit downward rating..

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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