Bitcoin price targets 8-week highs as Ethereum hits $1.8K
Optimism and Expectations Rise Around Crypto Markets, But US Inflation Data Weighs Heavy This Week .
Market Update
Bitcoin (BTC) looked to hit new August highs during the August 8 Wall Street open, with upcoming US inflation data fueling sentiment.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hit $24,246 on Bitstamp, its best level since July 30.
The pair was within striking distance of its highest since mid-June at the time of writing, as traders and analysts scanned the charts for signs of resistance.
For on-chain monitoring resource Material Indicators, this came in the form of sellers at $25,000 and Bitcoin's 100-day moving average (MA).
"The bear market rally is ahead of this week's CPI report," he wrote as part of his latest Twitter update.
An accompanying chart showed long signals still characterizing the daily chart, with the 100-day MA hovering around $25,650.
Order book data from the world's largest exchange Binance bolstered frictional expectations in this area as selling liquidity rose around the $25,000 mark.
BTC/USD 1-Day Candle Chart ( Bitstamp ) with MA of 100 days. Source: TradingViewThe August 10 Consumer Price Index (CPI) release set the tone for risky assets as markets wait to see if inflation in United States had peaked.
While this would theoretically give the crypto some breathing room, commentators have pointed out that the risk of a m...
Optimism and Expectations Rise Around Crypto Markets, But US Inflation Data Weighs Heavy This Week .
Market Update
Bitcoin (BTC) looked to hit new August highs during the August 8 Wall Street open, with upcoming US inflation data fueling sentiment.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hit $24,246 on Bitstamp, its best level since July 30.
The pair was within striking distance of its highest since mid-June at the time of writing, as traders and analysts scanned the charts for signs of resistance.
For on-chain monitoring resource Material Indicators, this came in the form of sellers at $25,000 and Bitcoin's 100-day moving average (MA).
"The bear market rally is ahead of this week's CPI report," he wrote as part of his latest Twitter update.
An accompanying chart showed long signals still characterizing the daily chart, with the 100-day MA hovering around $25,650.
Order book data from the world's largest exchange Binance bolstered frictional expectations in this area as selling liquidity rose around the $25,000 mark.
BTC/USD 1-Day Candle Chart ( Bitstamp ) with MA of 100 days. Source: TradingViewThe August 10 Consumer Price Index (CPI) release set the tone for risky assets as markets wait to see if inflation in United States had peaked.
While this would theoretically give the crypto some breathing room, commentators have pointed out that the risk of a m...
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