search
Homeweb3.0Bitcoin Price Prediction: BTC Aims for $60K as US CPI Data Coming on September 11th

With the US CPI data coming on September 11th, the crypto market heats up for a bullish recovery. As the crypto market stands on the verge of recovering the $2T mark, Bitcoin aims for a price jump to $60K.

Bitcoin Price Prediction: BTC Aims for K as US CPI Data Coming on September 11th

CryptoSlate Top Stories

As the crypto market recovers from the recent bearish trend, Bitcoin is aiming for a price jump to $60K. The US CPI data, set to be released on September 11th, is expected to influence the crypto market significantly.

Here’s a closer look at the price chart and the potential impact of the US CPI data on Bitcoin.

Bitcoin Price Performance

The bull run in the BTC price began with a 0.36% recovery on Saturday. It was followed by a 1.33% jump on Sunday. But the BTC price finally exploded with a 4% massive bullish engulfing candle on Monday, September 9th.

Tradingview

Currently, the Bitcoin price is trading on the verge of $57,000 at $57,030. Making a doji candle with a low price rejection, the BTC price is likely to reach 23.60% Fibonacci level at $58,655.

As the bullish recovery gains momentum, the technical indicators are turning positive. The MACD indicator is on the verge of a bullish crossover between the MACD and signal lines.

Furthermore, the recent double-bottom formation at the $54,000 support level marks a positive divergence in the daily RSI line. Hence, the momentum indicators are projecting a higher possibility of a bullish trend continuing above the 23.60% Fibonacci level at $59,655.

Bulls On The US CPI Data Lookout

With the US CPI data ready to be released for August on September 11th, broader market anticipation is on the rise. The new inflation data will be reflected in August on Wednesday.

The general consensus expects the year-on-year data to ease to 2.6% compared to July’s 2.9%. Lower inflation data could increase the chances of a rate cut. However, if the core inflation remains at 3.2%, the FED might be cautious, reducing the rate cut chances.

Based on the month-on-month figures, both the headline and the core CPI prediction are expected to increase by 0.2%. Meanwhile, August’s US producer price index will be released on Thursday, September 12th. The markets are expecting a year-on-year increase of around 1.8% to 2.0%.

As the CPI data is expected to come in favor of increasing the chances of potential rate cuts, the Fed, the next FOMC meeting in the next eight days, will be highly scrutinized by the crypto market and the global market.

Based on the CME Group’s FedWatch tool, the chances of a 500-525 basis point rate cut have increased to 73%. This fuels the broader market momentum and will likely propel Bitcoin above $60,000 if the rate cut occurs or even before as the hype increases.

Follow Coinpedia for more crypto updates on price, analysis, and breaking news. Also, check out Coinpedia’s latest crypto articles on Bitcoin Price Prediction and Dogecoin Price Prediction for 2024 and the years ahead.

The above is the detailed content of Bitcoin Price Prediction: BTC Aims for $60K as US CPI Data Coming on September 11th. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Repo: How To Revive Teammates
4 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

DVWA

DVWA

Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

Dreamweaver Mac version

Dreamweaver Mac version

Visual web development tools

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.