Bitcoin (BTC) Price May Gain Momentum After CPI Release

Bitcoin (BTC) soared above $61,000 during the Asia session on Wednesday and inched closer to the $62,000 hurdle as traders optimistically

Bitcoin price gained bullish momentum in the early hours of Wednesday and rose above $61,000 as traders await the latest Consumer Price Index (CPI) figures. The world’s largest cryptocurrency encountered resistance at $62,000 last week and fell below $58,000 on Monday. However, BTC price recovered quickly and began a new rally.

Bitcoin price attempts to overcome $62,000 after CPI report

Bitcoin price encountered strong selling pressure last week as it approached the $62,000 resistance level. The sell-off saw BTC price drop below $58,000, putting bulls at risk of losing the upper hand in the near term.

CPI figures for August are due out later today, and economists polled by Bloomberg expect an increase of 2.9% year-over-year (YoY) and 3% over the last month. Core CPI is also expected to rise by 50 basis points.

Traders will be closely watching the CPI report, especially after last month’s figures came in lower than expected. The lower inflation figures helped boost risk assets, including Bitcoin.

Bitcoin price is now trading at $61,233, with resistance at $62,000 and support at $58,000. The 200-day EMA is also located near the upper range limit, suggesting that a breakout above $62,000 could lead to further gains toward $70,000.

However, the Super Trend indicator is bearish, suggesting that the recent uptrend could be limited. If BTC price falls below $58,000, it could trigger another sell-off toward $54,000 and even $50,000.

Bitcoin price encountered resistance at $62,000 last week and fell below $58,000 on Monday. However, BTC price recovered quickly and began a new rally. Now trading at $61,233, resistance is seen at $62,000 and support at $58,000. The 200-day EMA is also located near the upper range limit.

If BTC price manages to break out above $62,000, it could pave the way for another debut past $70,000. But if it fails to hold above this level, another sell-off toward $54,000 and even $50,000 could be on the cards.

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