Bitcoin Passes the 61k Mark As Crypto Markets Await US CPI Rates – What’s Next?
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
Bitcoin has recently crossed the $61,000 threshold, stirring renewed interest in its price trajectory as the market anticipates further movements driven by U.S. inflation data.
The latest inflation figures, which matched expectations, have left Bitcoin in a tight trading range near $60,920, setting the stage for potential volatility.
With the U.S. dollar showing signs of weakening and Bitcoin forming a critical technical setup on the charts, traders are now closely watching key levels that could dictate the next significant move.
As the cryptocurrency approaches the crucial $61,250 resistance level, Bitcoin price predictions are increasingly focused on whether it will break higher or succumb to downward pressure.
The U.S. dollar weakened on Wednesday after the latest inflation data came in largely as expected, offering little surprise to markets but reinforcing the narrative of a cautious Federal Reserve.
The Core Consumer Price Index (CPI) for July rose by 0.2% month-over-month, in line with forecasts and matching the previous month’s increase.
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