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of Bitcoin price It is holding steady around $30,600, reflecting Wednesday’s gain of nearly 0.50%.
The consumer price index rose 0.2% in June, rising 3% from a year earlier to its lowest level since March 2021.
US Core Inflation Data Release Has Investors Assessing The Potential Impact On Bitcoin Price. The question arises, is there a right time to buy?
Let’s check.
US core inflation data
US Annual Inflation In June, it eased to 3%, the lowest interest rate since March 2021.
The sharp slowdown comes after inflation peaked at 9.1% last June due to rising energy costs.
of Consumer Price Index (CPI) It now marks the 12th straight month of easing inflation.
This drop in inflation will affect the Bitcoin and cryptocurrency markets.
Falling inflation could reinforce Bitcoin’s claims as a hedge against traditional currency depreciation and inflationary pressures.
Investors may see Bitcoin as an attractive asset in a low inflation environment, which could lead to increased demand and upward pressure on prices.
Furthermore, lower inflation could ease concerns about a possible rate hike by the central bank.
more accommodative monetary policy This environment could further support the cryptocurrency market, as low interest rates tend to make alternative investments like Bitcoin more attractive.
Bitcoin price prediction
Bitcoin is currently showing a slight bearish trend, trading near $30,500.
Despite facing resistance near $31,000, it managed to hold just below that level, especially near $30,500.
A successful breakout of this resistance level could send Bitcoin price towards its next target of around $32,500 or even higher around $34,150.
On the downside, Bitcoin has immediate support levels to consider, with potential support around $30,300, or potentially around $29,650.
If the price falls well below $29,600, it could drop to $28,700 or even lower to around $27,900.
Therefore, keeping a close watch on the $31,000 level is very important as it could provide an important indication of a potential Bitcoin selling opportunity if the price remains below this level.
Top 15 cryptocurrencies to watch in 2023
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