yesterday in the USA inflation data announced. Inflation in July came in 0.2% lower than expected 8.7% and was announced as 8.5%.
USA #Inflation Data Announced
Expectation: 8.7
Available: 9.1
Explained: 8.5#Bitcoin— Bitcoin System (@bitcoinsystem) August 10, 2022
Affected positively by lower than expected inflation Bitcoin (BTC) It is trading at $24,452, up 6.2% in the last 24 hours.
on Ethereum (ETH) There was an 11.2% increase in the last 24 hours and ETH It stands at $1,894.
In this context, experts are seen as a means of protection from inflation. bitcoinHe evaluated the relationship of ‘s with inflation figures.
Edward Moya, a senior market analyst at Oanda, said:
“For the rest of the summer, inflation data from the USA and the FED’s statements will determine where the Bitcoin price will go.
Bitcoin is currently correlated with stocks, specifically the Nasdaq.
In this context, this inflation report gives great hope that the Fed will not need to be so aggressive in its monetary tightening policy going forward.”
bitcoin Stating that he expects the summer months to pass with fluctuating movements, Moya said that it cannot be predicted how much Bitcoin can rise if the momentum is bullish:
“I expect the summer months to pass with fluctuations in Bitcoin. However, if the momentum is bullish in BTC, the price could go up.
But just how high can it go? If things continue to move in this direction with inflation, Bitcoin could go as high as $35,500 in the short term.
However, the words of the FED are very important here. You need to hear more from the FED that they are happy that inflation is showing signs of easing.”
Stating that his short-term intention is the end of 2022, Moya also BTCHe also stated that he expects a major resistance at the $28,500 level.
Finally coinbase and BlackRock More news from other companies, such as Moya two giants, referring to the partnership between BTC and cryptocurrency He claimed it would be the driving force in raising prices.
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