With a positive release of CPI data at 2.9% versus a forecast of 3%, inflation has fallen below the 3% mark for the first time since March 2021 (39 months). Subsequently, Bitcoin price has maintained its value above the $61,000 mark, indicating a bullish sentiment in the coming period.
Therefore, more and more questions are being raised such as “Will Bitcoin price reach $70,000 again?” and “Will BTC price rise again?”.
Dive in, as in this article, we have uncovered the market sentiment, price analysis, and possible short-lived price targets of the crypto token Bitcoin (BTC).
Is BTC crypto price about to make a major breakout?
Amidst the increased price volatility in the crypto market, Bitcoin price has risen by over 3% in the past day, with a trading volume of $29.9 billion, a change of -9.77%. Moreover, with a jump of 6.28% in the past week, this token is showing an optimistic forecast this week.
Notably, Bitcoin has continued to maintain its dominance above the 56% mark and currently stands at 56.2% with a market cap of $1.203 trillion.
Moreover, BTC price is about to test its resistance trend line of the descending channel pattern on the 1D time frame. A breakout could see this crypto token gain significant attention and thus move closer to its upper resistance levels.
Bitcoin (BTC) Market Sentiments
The Moving Average Convergence Divergence (MACD) has been showing a consistent decline in the red histogram, with its averages showing a high probability of bullish convergence on the 1D time frame, highlighting a positive outlook for the star cryptocurrency in the coming period.
Furthermore, the SMA indicator on the Bitcoin price chart is showing a bullish curve. This indicates an increase in buying over selling pressure in the crypto space.
Bitcoin Spot ETF Update:
On August 13, the Bitcoin Spot ETF recorded a total inflow of $39 million. Notably, Blackrock’s “IBIT” recorded the highest inflow at $34.6 million, followed by Fidelity’s “FBTC” at $22.6 million. On the other hand, Bitwise’s “BITB” has gained $16.5 million over the past day.
On the other hand, Invesco, Franklin, VanEck, Valkyrie, WTree and Grayscale’s “BTC” recorded neutral flow over the past day.
However, Ark’s “ARKB” recorded an outflow of $6.1 million. Notably, Grayscale’s “GBTC” recorded a negative outflow for the ninth day in a row with an outflow of $28.6 million.
Will BTC price reach $70,000 again this August?
If the market sustains the BTC price above its support level of $61,000, the bulls will regain momentum and prepare to test the overhead resistance level of $67,775. If the market sustains the price at this level, the market leader will prepare to test its all-time high of $73,750.07 in the coming period.
Conversely, a bearish trend reversal could pull the Bitcoin crypto price towards its lower support level of $55,000.
