Bitcoin (BTC) Climbs Steadily as US Inflation Data Looms: Price Analysis

Bitcoin (BTC) is continuing to climb, albeit relatively sedately, although nagging resistance at $112,000 and $113,000 needs to be put behind it if this current upward impulse is to ￰0￱ potential flies in the ointment could be the upcoming data releases for producer and consumer ￰1￱ Inflation figures allowing, Bitcoin set to continue its rise After a small dip outside of the ascending channel, the $BTC price is back inside on Wednesday and challenging the $112,000 resistance once ￰2￱ level has been surpassed on no less than 4 occasions so far in the last week, so it wouldn’t be a surprise to see the bulls push the price above this horizontal level once ￰3￱ the world of traditional finance in the US, the monthly PPI figures are due out on Wednesday, and then on Thursday, CPI data is ￰4￱ Month on month PPI (Producer Price Index) forecast is set to beat the previous month handily, by reducing from 0.9 to 0.3, while the CPI (Consumer Price Index) forecast is for a slight increase from 0.2 to 0.3 m/m.

Unless these figures come in a lot worse than forecast, the Federal Reserve should feel bold enough to make the expected rate cut at next week’s FOMC ￰5￱ assets such as gold and Bitcoin could continue to rise. $BTC price continues to rise inside ascending channel). It can be seen that the DXY was rejected again from a descending trendline that goes all the way back to 1985. Recently, the DXY has also dropped below the 100 level, turning this into ￰6￱ DXY is now holding under the 0.618 Fibonacci, so it might be expected that it carries on down to the 0.786 Fibonacci at ￰7￱ the dollar drop out of a multi-year triangle pattern?