Bitcoin (BTC) Price Prediction: CRYPTO BULLS Attempting to Initiate a String Recovery and Sustain a Decent Ascending Trend
- WBOYOriginal
- 2024-08-14 15:08:10682browse
The prices of the major cryptos, Bitcoin & Ethereum, underwent a massive upswing, which has elevated the entire crypto space
The crypto market displayed mixed signals on Tuesday as major crypto prices witnessed a slight downturn from the recent highs. However, the market remained largely upbeat ahead of the crucial CPI inflation data.
The global crypto market cap stood at $2.14 trillion, showcasing a 0.37% decrease in the past 24 hours. The total trading volume also witnessed a significant decrease of 23.4%.
Bitcoin price faced a slight setback on Tuesday, dropping below the $62,000 level. The token displayed a minimal loss of 0.24% over 24 hours and 0.63% in the past week. Despite the slight downturn, BTC price remained above the Monday highs and consolidated after the PPI push.
However, the price showed no signs of a breakout as it encountered resistance at $62,000. Moreover, the upcoming CPI data might dictate the next directional move for Bitcoin.
On the other hand, Ethereum price displayed strength and advanced above the $2,700 level. The token price demonstrated a 0.83% gain in 24 hours and a 1.27% rise in the past week. However, ETH price remained consolidated after the recent surge and faced resistance at $2,750.
Crypto traders now awaited the fresh CPI inflation data, which is set to be released later on Tuesday. If the rates come out hotter than expected, it could raise concerns about tighter monetary policy, which might be bearish for Bitcoin.
The ETF flows were also noted to be slightly positive yesterday, with an addition of $39 million as the U.S. PPI came in slightly lower than expected. However, the factors that dragged the PPI lower are not included in the CPI calculation, and the CPI may come out unfavorably.
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