Despite a sharp rebound in Japanese stocks, Bitcoin price remains stagnant below $60,000. Investors now focus on U.S. inflation data for the next big move.
As Japan’s stock market rebounds from its recent record crash, Bitcoin remains unfazed, hovering below $60,000. While global macroeconomic events have led to positive momentum in traditional markets, Bitcoin buyers appear cautious, awaiting critical U.S. inflation data that could determine the next move in BTC’s price action.
Key Points:
Japan’s Stock Market Recovery: The Nikkei 225 index recovered fully from its earlier record losses, surging 3.45% in a single day.
Bitcoin’s Lackluster Response: Despite the bullish sentiment in traditional markets, Bitcoin showed a minimal reaction, staying below the $60,000 mark.
Upcoming U.S. Inflation Data: The focus is now on the upcoming Consumer Price Index (CPI) report, which may influence the Federal Reserve's next interest rate decision.
Investor Sentiment: Market participants remain cautious, closely monitoring inflation numbers for hints on the Fed's rate cut in September.
Order Book Liquidity: Exchange data suggests increasing buying interest around $58,000, with strong resistance expected at $60,000.
While Japanese stocks celebrated a full recovery, Bitcoin traders are adopting a wait-and-see approach, with key levels like $60,000 acting as significant resistance. The upcoming U.S. inflation data could catalyze Bitcoin’s next major price movement, potentially setting the stage for a new all-time high in the coming months.
Source: Cointelegraph
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