Bitcoin has set a new all-time high at $124,128, driven by new inflation data and expectations for a Federal Reserve interest rate change.
Bitcoin Price Dynamics
According to reports, Bitcoin surged over 8.5% in the past week, reaching $124,128 on Friday morning Asian time. It has since seen a slight dip to $123,197, but retains a 32% gain since the beginning of the year and over 62% from its year-to-date low.
Growth Factors and ETF Inflows
The price surge coincided with the release of the US CPI report for July, showing an inflation rate of 2.7%. A potential Fed rate cut is expected to encourage further growth in crypto assets. Over the past five trading days, 12 Bitcoin ETFs attracted more than $1 billion, adding bullish sentiment to the market.
Bitcoin Technical Analysis
An ascending channel pattern has formed on the 4-hour chart indicating a continuation of the current trend. If Bitcoin holds around $120,500, it may rally to $127,000 in the next leg.
Bitcoin continues to perform strongly against positive economic indicators and increased market liquidity. Reaching a new all-time high signifies potential for a more extended bullish phase.
