Bitcoin Bulls Dey Tackle 1.618 Fib for $122K, Eye $140K as CPI Dey Loom
Bitcoin price don resume sidon dey gabis, e pressure one key 1.618 Fibonacci gold ratio near $122,000 after e peak for Asia session $122,227. If e break that level well well and hold am—based on 2018 and 2022 bear-market low dem—fit open road go $140,000, where Deribit call options get over $3 billion open interest. If dem no fit defend $122K e fit make price pullback go $112K. Traders dey wait U.S. July CPI data, with core inflation fit increase 0.3% month-to-month. If e hot pass, e fit make market get gbege but e no go stop Federal Reserve rate cut wey dem get for September. Dollar wey dey weak fit still make crypto dey strong, strategist Marc Chandler talk so. Make you watch Bitcoin price around $122K and any CPI surprise for short-term gbege and trend confirmation.
Bullish
Bitcoin dey test di 1.618 Fibonacci level for $122K many times plus plenty people dey buy Deribit call option, this one dey show say people believe sey e go rise. Di awaited US CPI wey dem go release wey dem expect say e go increase by 0.3% for core, fit make small gbege for short time but e no go stop di long term upward trend wey people dey expect, especially because Fed fit ease policy and dollar dey weak. If e clear pass $122K, e mean say e fit still go upreech $140K, but if e no fit hold, e fit drop back to $112K. Overall, dis arrangement show say Bitcoin get better chance to rise.