Bitcoin dey rally for $117K cause inflation data; resistance dey for $127K and $144K
Bitcoin sharp rise reach $124,533 on August 14 after July Producer Price Index shock wit 0.9% gain month-to-month, di highest for almost three years. Cryptocurrency now dey trade round $117,741, traders dey look resistance levels for $127,000 and $144,000 based on short-term holder realized price of $107,000. Mixed inflation data, including core Consumer Price Index reading of 3.1%, don cause market wahala. People dey watch Federal Reserve possible rate cut as early as September, weh fit affect Bitcoin price movement. All dis tins talk say more rise fit show despite di wahala.
Bullish
Di unexpected 0.9% rise for di Producer Price Index don historically ginger risk appetite, as e show for end of 2021 wen inflation data wen stronger pass wey people expect cause rally. Plus, potential Federal Reserve rate cuts for September, traders dey positioned bullish pass di short-term holder realized price of $107,000. Resistance dey at $127,000 and $144,000 wey be profit-taking zones; if e breakout sharply fit trigger further gains. For short term, Bitcoin fit still dey volatile around upcoming inflation reports. For longer term, Fed easing normally dey reduce di opportunity cost to hold Bitcoin, e dey support sustained uptrends. Similar dovish Fed signals for mid-2023 drive almost 20% rally, and dis one show say e fit repeat di bullish pattern.