Bitcoin Price Upholds $30k Support With BTC Accumulation On The Rise: Bull Cycle Confirmation?
Analysts are significantly conflicted on how Bitcoin price will react to the CPI data expected on Wednesday. Market expectations are in the 3% range, which may suggest further easing of inflation in the US and possibly a continued pause on interest rate hikes. advertisement Risk assets like Bitcoin benefit a lot from easing inflation which encourages investors to seek more exposure to Bitcoin, crypto, and stocks. Meanwhile, support at $30,000 puts Bitcoin in a delicate situation where declines to $28,000 and $25,000 cannot be ruled out. On the other hand, BTC could still be poised for an upswing, especially with accumulation on the rise. A Bitcoin Price Bull Market Or Doldrums From a micro perspective, Bitcoin price is trading within a bullish rectangle pattern. This chart formation implies a pause in the uptrend and allows for consolidation ahead of the next bullish breakout. Recommended Articles ...