BTC Eyes 120K Reclaim on CPI Print and Fed rate ODDS


The main dishes to remember:

  • The US CPI in July was held stable at 2.7% in annual shift, increasing bets to lower Fed rates to 93.9% for September.

  • The key price support is between $ 117,650 and $ 115,650, with a deeper drop which potentially tested a CME difference at $ 95,000.

Bitcoin (BTC) The price could continue to rally after the release of the US consumer price index in July (ICC), which shows inflation holding company At 2.7% in annual sliding, unchanged from June and lower than 2.8% forecast. Basic CPI, excluding food and energy, increased by 3.1% per year, in accordance with expectations. On a monthly basis, the Global IPC increased by 0.2%, from 0.3% in June, while the basic IPC increased by 0.3% against a gain of 0.2% before.

The data strengthen a slightly optimistic backdrop for Bitcoin, because the inflation of cooling strengthens the case for monetary relaxation, a positive factor for risky assets. A lower interest rate environment reduces the opportunity cost of Bitcoin maintenance, potentially attracting fresh capital to the market.

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Possibility of reducing American interest rates for September 17. Source: CME Fedwatch

Following the IPC data press release, market expectations for a drop in September Fed rate increased to 93.9%, according to CME FedwatchLike traders at the cost of a greater probability of monetary easing.

However, the basic online ICC figure suggests that the underlying prices pressures persist, indicating that the Fed may still require more evidence before taking measures.

For the future, the production price index next week (PPI, 2.3% estimated) and basic (2.5% estimated) could be essential. A milder than expected print could confirm an upward macro configuration for Bitcoin, strengthening the expectations of lower rates and increasing the demand for risk assets such as Bitcoin.

Related: Bitcoin obtains a target of $ 95,000 as “ugly” BTC Price Candle Spoils Breakout

Bitcoin to reach $ 130,000 in September?

After a bullish weekend, Bitcoin reached summits of Monday at $ 122,190, but the gains were short-lived, because the price quickly dropped from $ 3% to $ 118,500, not having a daily fence above the $ 120,000 mark.

Publishing a US CPI version, BTC bounces $ 119,500, although a decisive closure greater than $ 119,982 remains the key to confirming the momentum. A daily fence greater than $ 120,000 would be a historic first, potentially triggering the next step in the Bitcoin rally.

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Bitcoin analysis of a day. Source: Cointelegraph / TradingView

On the technical level, a bull -up flag model on the daily graphic recently broke up. The current decline could be a retest before continuation towards the main target of $ 130,000.

In particular, the Titan Technical Analyst of Crypto projects A similar bullish scenario, looking at $ 137,000 based on an downhill escape descent on Sunday.

However, the non-recovery of $ 120,000 could invite short-term short-term pressure. Immediate support lies in the area from $ 117,650 to $ 115,650. This key support area also coincides with the GAP CME formed over the weekend, making it a key area to monitor.

As note By Cointtelegraph, despite maintenance, BTC is not entirely safe from the loss of critical support of $ 100,000, a deeper correction could test levels as low as $ 95,000.

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Bitcoin four -hour analysis. Source: Cointelegraph / TradingView

Related: Bitcoin will make the story at $ 340,000 if BTC beats the gains of 2,100% of the last cycle

This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.