Bitcoin
Bulls set up a new challenge to a crucial resistance level since merchants were looking forward to the inflation data of the United States.
The upper cryptocurrency increased to $ 122,056, testing the extension of Fibonacci of 1,618% that originates in the 2018 Bear Boldist Market and the Bear Market 2022 market. The 1,618% extension is derived from the “golden relationship”, a constant mathematical mathematics in finance, which is widely found in nature and art. Many believe that it also influences human psychology and market movements.
This is the second attempt of the bulls of climbing the key levels of resistance. Previously they penetrated the same last month, but they could not keep the profits, which finally led to a minimum price setback below $ 112,000.
A successful retention above the “Golden Relationship” would cement the expectations of a rally around $ 140,000, the most popular purchase option attack on the Exchange of Derivatives of Crypto. At the time of writing, the call of $ 140,000 had an open notional interest of more than $ 3 billion, according to the data source metrics.
However, if the bulls do not remain firm for the second time, it would suggest that the purchase pressure is insufficient, which can produce a deeper correction.
When writing, BTC changed hands to $ 122,000, having reached a maximum of $ 122,171 during the first hours of Asian negotiation, according to Coindesk data.
Focus on US inflation
The data owed on Tuesday is expected to show that the impact of Trump tariffs became inflation in July, raising prices pressures in the economy.
It is likely that the central index of consumer prices, which eliminates volatile food and energy costs, has increased 0.3% in July, according to the average projection in a survey of Bloomberg economists. In June, the central ICC increased by 0.2% compared to the previous month.
A hottest inflation impression can trigger market volatility, but it is unlikely to dissuade the Fed from reduction rates in September, according to Marc Chandler, Strategist Chief of the Bannockburn Global Forex market. In other words, the descending trend of the dollar could continue after the IPC report, with a good risk asset index, including cryptocurrencies.
“With the interest rates of the USA. Sunday.
He explained that the July weak jobs report was a significant turning point that increased bets for a Fed rates cut, ending the recovery rally against the dollar’s trend.
Read more: ether volatility, it is triggered in rally as Bitcoin borders towards the maximum records
