With the US inflation data indicating an evident cooling down of the rates, the crypto market could expect better liquidity and participation from traders.
The official inflation data of the United States has been finally released, with inflation at 3%. The softening inflation could be a good sign for the crypto market. Though the Fed could still raise interest rates, the overall economic situation looks much improved.
The crypto market has not seen any direct effects of the inflation data yet. Analysts believe investors could gradually start taking long positions, benefiting the market. BTC has been trading above $30000, but the $31000 resistance is still strong. ETH is also trading above $1850, along the same range.
In the last 24 hours, the global crypto market saw a slight loss, losing 1.16%. Its market cap is currently at $1.18 trillion. Tokens like Dogecoin, BNB, Solana and Cardano were trading with minor cuts. BTC’s next target could be $30500, after which bulls could start participating in large numbers.
Regulatory affairs regarding crypto are still in the works in the US. Large-scale investors could probably be awaiting more clarity from regulators like the SEC on matters like that of the Bitcoin ETF. The news of the ETF had generated significant positive buzz in the crypto market earlier.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30400 on July 13, 2023, with BTC/USD down by around 1.1% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (29,967.19) as BTC’s 24-hour volume increased to around $14 billion. Bitcoin has seen around 83.45% returns on a year-to-date basis.