Bitcoin Price Prediction: BTC Climbs 2.5% As US Inflation Boosts Rate Cut Bets, And This New ICO Explodes On Launch
The Bitcoin price climbed 2.5% in the last 24 hours to trade at $57,964 as of 03:32 a.m. EST on trading volume that jumped 20% to $37 billion.
This comes after the release of the US inflation data, which signals optimism for a soft landing in the economy and bolstered bets on a 25 basis point Federal Reserve rate cut this month.
The latest Consumer Price Index (CPI) aligned with economists’ expectations, while the Core Inflation data exceeded expectations.
Bitcoin Price Bound For A Bullish Rally
Bitcoin price bulls have continued to push the price, forming a complete cup-and-handle pattern. The top of the pattern at $58,400 remains a challenge that the bulls need to overcome to push the price of Bitcoin above, according to data from GeckoTerminal .
Bitcoin price now trades above the 50-day Simple Moving Average (SMA), which is a confirmation that the asset is on a short-term bullish rally, with the 200-day SMA at $59,088 acting as the second resistance zone.
Moreover, the Relative Strength Index (RSI) is rebounding from the 50-midline level, soaring to 62 and closing in on the 70-overbought region, an indication that buying pressure is building up at this level.
The Moving Average Convergence Divergence (MACD) also shows the likelihood of a continued uptrend, with the MACD now crossing above the neutral zone. The blue MACD line also crosses above the orange signal line, forming a bullish crossover.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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