Bitcoin hits $45K ahead of July inflation report, but one fractal hints at lo...
The flagship cryptocurrency hits its highest level in more than two months as inflation is expected to rise by another 0.5% in July. Bitcoin (BTC) reached its highest level in more than two months with just a few days remaining before the July inflation report.The top cryptocurrency climbed 1.65% to $45,363 on Aug.8, continuing the upside momentum that has already seen it jumping 21.62% from its August 5 low of $37,300. BTC/USD daily chart. Source: TradingView.comMomentum was strong among the Bitcoin rivals as well. Ether (ETH), the second-largest crypto by market cap, increased 29.78%....
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A fractal from Paul Tudor Jones hints that Bitcoin price is in an early stage, long-term rally like gold was in the 1970s. Based on the fractal, Bitcoin is in an early phase of a prolonged rally that could allow BTC to experience exponential growth in the longer term.Bitcoin versus gold price fractal. Source: BloombergBitcoin may be on the same trajectory as goldThere are two main reasons why Bitcoin could follow the macro trend gold saw from the 1970s. First, BTC has a fixed supply that cannot expand, which makes it an attractive hedge against inflation. Second, BTC has the same qualities....
Bitcoin rose for a seventh consecutive session on Tuesday, as the token moved to a three-week high. The price surge came ahead of this afternoon’s U.S. inflation report, which is expected to come in at 8.1% for August. Ethereum continued to trade lower in today’s session, as volatility remained high ahead of The Merge. Bitcoin Bitcoin (BTC) rose for a seventh consecutive session on Tuesday, as markets anticipated the release of the U.S. consumer price index. Inflation in the United States is expected to fall to 8.1% in August, following a decline to 8.5% the month prior.....
President Joe Biden stated Wednesday that the U.S. economy had zero percent inflation in July following the latest CPI report. “Biden is claiming that we saw zero percent inflation last month. But there’s a zero percent chance that’s the case. Inflation in July was 8.5%, which is still a 40-year high,” said a lawmaker. Biden’s Zero Inflation Comment and Responses On Wednesday, President Joe Biden publicly stated that the U.S. economy had 0% inflation in July after the latest consumer price index (CPI) report was released. “Before I begin today, I....
First spotted by Jacob Canfield, an independent market analyst, the fractal highlights Bitcoin's tendency to fall towards its 21-week exponential moving average or yearly support after reaching its all-time high.
After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI) reflected a 9.1% year-over-year increase, July’s CPI data has come in lower with a year-over-year increase of 8.5%. Economists polled by media publications estimated that July’s CPI data would print 8.7%, however, July’s core CPI, the government’s broadest measure of inflation, remained the same as June. CPI Report Shows Inflation in the US May Have Peaked, Stocks, Cryptos, and Precious Metals Jump Higher The Dow Jones....