BTC Eyes of $ 120,000, recover the printing of the consumer price index and reduce the possibility star-news.press/wp

Main meals:

• The US consumer price index settled in July by 2.7 % on an annual basis, increasing the interest rates of interest rates to 93.9 % for the month of September.

• The main price support lies between $ 117,650 to 115,650 dollars, with a deeper drop in the CME gap at $ 95,000.

The Bitcoin (BTC) price can continue to rise after the US Consumer Prices Index in July (CPI), which indicates inflation a contract By 2.7 % on an annual basis, unchanged from June and less than 2.8 % expectations. CORE CPI, with the exception of food and energy, increased by 3.1 % annually, in line with expectations. On a monthly basis, the total consumer price index increased by 0.2 %, reducing 0.3 % in June, while Core CPI increased by 0.3 % against 0.2 % earlier.

Data enhances a moderate bullish background for Bitcoin, as the cooling enlargement enhances the state of cash dilution, which is a positive factor of assets on risk. The low interest rate environment reduces the cost of the alternative opportunity for bitcoin contract, and may attract new capital to the market.

After issuing the consumer price index data, the market expectations increased to reduce the federal reserve rate in September to 93.9 %, according to CME FedwatchAnd merchants also flow into a higher possibility of cash relief.

However, the basic consumer price index number in the line indicates that basic prices are continuing, indicating that the Federal Reserve may still require more evidence before taking action.

In the future, the product price index can be next week (PPI, 2.3 % estimated) and the basic PPI (2.5 % estimated) is a key. A more soft print can confirm the expected preparation for Bitcoin, which enhances fewer rates and enhances demand for risk assets such as bitcoin.

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Bitcoin to strike $ 130,000 in September?

After the upper weekend, Bitcoin rose to the highest level in the two by $ 122.190, but the gains were short -term as the price decreased quickly by 3 % to $ 118,500, and failed to secure a daily closure over the mark of $ 120,000.

After the CPI release in the United States, BTC returns to $ 119,500, although a decisive closure over $ 119,982 is still a key to confirming immediate bullish momentum. The daily closure will be above $ 120,000 first historically, which is likely to ignite the next station of the Bitcoin gathering.

On the Technical Front, the upper flag pattern recently erupted on the daily graph to the upward trend. The current withdrawal can be a test before continuing towards the primary goal of $ 130,000.

It is worth noting that the technical analyst Titan is from Crypto Projects A similar bullish scenario, looking forward to $ 137,000 based on the outbreak of the disputed trend line on Sunday.

However, the failure to restore $ 120,000 can call for negative pressure in the short term. Immediate support lies in the area of 117,650 – 115,650 dollars. This main support area also coincides with the presence of the CME gap formed during the weekend, making it a major area to see.

As she noticed Cointelegraph, although adhering to a higher floor, BTC is not completely fortified of decisive support of $ 100,000, with a deeper correction that can test levels of up to $ 95,000.

Related: Bitcoin will make history at $ 340,000 if BTC Beats Gains Gains is 2100 %

This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.