Bitcoin Holding Steady after Bullish Trend
Bitcoin remains at its current price point even after the Consumer Price Index report is released for July.
Quick overview
- Bitcoin is currently priced at $119,548, showing a slight decrease of 0.25% but remaining close to its all-time high.
- The Consumer Price Index report indicates steady inflation at 2.7% for July, which has not significantly impacted Bitcoin's value.
- Investor support remains strong, with whales holding their assets steady, suggesting potential for Bitcoin to reach new highs.
- Upcoming interest rate cuts and favorable government regulations, such as the GENIUS Act, may further bolster Bitcoin's growth.
Live BTC/USD Chart
Bitcoin (BTC) may be close to its all-time high, but it is barely moving right now since the Consumer Price Index data released for July.
Steady inflation has led to a steady Bitcoin rate as the digital token holds at $119,548 (BTC/USD) at the time of this writing. That is a 0.25% decrease from the previous day, but the coin is still very close to its record high. That is excellent news for investors, since it means that BTC is able to hold onto its amazing gains from the last week.
BTC/USDInflation remained at 2.7% for the month of July, according to the Consumer Price Index report, and while the news helped the stock market jump Tuesday morning, it has done little for Bitcoin. At least Bitcoin has not lost its recent gains, and it is holding just below $120K. This indicates strong investor support, and that is backed by the whales holding steady with their assets as well.
Because the inflation numbers are lower than expected, Bitcoin has the opportunity to surge ahead and hit its record high very soon. We are seeing slowed momentum right now, but that could change quickly.
Bitcoin Price Prediction
The sticky inflation does not seem to be caused by tariffs, so investors should not have to worry about recent tariffs affecting Bitcoin’s progress toward a new high. They should be able to look forward to a new interest rate cut coming from the Federal Reserve soon, since two more are supposed to be put into effect before the year is up.
Bitcoin also has strong government support in the United States, thanks primarily to the signing into law of the GENIUS Act. This act opens the way for stablecoins to be more accessible and to be recognized as more legitimate, particularly by financial institutions. That is a strong first step for cryptocurrency regulation that is sensible and in line with what Bitcoin holders are wanting.
Bitcoin should be spurred on by a relatively strong economy, indicated by the Nasdaq Composite index achieving record highs in recent weeks as well as recent all-time highs for the S&P 500 index. Some parts of the economy are weakening, like the jobs market, while others are improving, like the cost of appliances and other consumer goods. There is enough positive news for the economy lately that Bitcoin should be able to climb higher, fueled by strong whale support and widespread investor adoption.
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