Bitcoin presented a clear positive picture in the last 24 hours as the crypto race heated up in view of the upcoming US inflation data.
The last 24 hours have been encouraging for the crypto market, with Bitcoin leading the crypto race towards a rally. Traders observed several crypto tokens in green, with most getting a fresh boost from investors.
The US CPI report was expected to be released on July 12, with most estimates pointing towards a lower range. These reports could have probably helped the market rise even though interest rates could be hiked by the Fed this month.
Several financial institutions have pointed towards a long rally for BTC later this year. Though the signals are positive, active bear action at its resistance is the main hurdle for Bitcoin now. Experts believe an inflation rate below 3.1% could be beneficial for the market. At the same time, anything above the mark may not be of much help.
Tokens like Solana, Polygon, BNB, Cardano, and Dogecoin are trading at a higher range presently. The global crypto market cap has also risen by 1.45% to $1.19 trillion. BTC is maintaining a capitalization of $593 billion after the surge.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30700 on July 12, 2023, with BTC/USD up by around 0.6% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (29,736.90) as BTC’s 24-hour volume decreased to around $11 billion. Bitcoin has seen around 85.30% returns on a year-to-date basis.