Bitcoin demonstrated an upward breakout, surpassing the critical level of $116,817. This rise, as noted by Matrixport analysts, sets an optimistic tone for the cryptocurrency's future movement.
Signals of Recent Bitcoin Rally
According to Matrixport, breaking past $116,817 signals bullish momentum and suggests further growth toward $122,282. Despite existing risks, the trend remains optimistic as buyers concentrate their efforts around these levels.
Impact of CPI Data on Bitcoin's Movement
The Consumer Price Index (CPI) data, set to be published at 15:30 Turkish time, may affect predictions about potential interest rate cuts later this year. Despite possible CPI surprises, a slow but steady price increase for Bitcoin is expected.
Key Support and Resistance Levels
Investors are advised to monitor critical levels: resistance at $116,817, support at $111,944, and deeper support at $106,000, providing a safety net for potential downturns.
In conclusion, Bitcoin's future trajectory will depend on various factors, including CPI results and geopolitical developments. Investors are keeping a close watch on macroeconomic signals that could influence the cryptocurrency's unfolding narrative.
