Bitcoin held firm above $29500 even as the crypto market went through a slight dip ahead of the announcement of the US consumer price index data.
Historically, the consumer price index data of the United States has always influenced the crypto market. The crypto market is stable this time but could steer either way after the report is released. On the positive side, most analysts expect the inflation of July to be lower.
The Federal Reserve’s decision on rate hikes is impacted directly by the inflation reports. Hence, the Fed could pause rate hikes if the upcoming report states lower inflation. Crypto experts have also taken a bullish approach in the last few days. Bulls have not let BTC go below $29000, while prospects for the market remain bright.
A few crypto analysts have predicted a slight dip for BTC in the near future. But they claim the next bull cycle would resume soon, taking Bitcoin towards record highs. In the last 24 hours, several crypto tokens saw minimal losses. But most have started recovering and could end the week on positive 7-day average returns. ETH has also held on to $1850, and its market cap has floated around $219 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29500 on August 10, 2023, with BTC/USD going down by 0.4% in the previous 24 hours. BTC/USD is trading higher than its 20-day EMA (29,501.43) as BTC’s 24-hour volume decreased to around $17 billion. Bitcoin has seen around 78.16% returns on a year-to-date basis.