Bitcoin $123K on Low CPI; ETF Inflows & $2B Liquidations
Bitcoin rise reach im all-time high of $123,231 after US CPI data show 2.7% YoY and 0.2% MoM inflation, both lower than forecast. Dis report push di S&P 500 to 6,457 and increase chance say Fed go cut rate for September to 93.9%, making people want to take more risk. Spot ETF inflows hit $65.9M for Bitcoin and $523.9M for Ethereum, each asset pass $1B inside cumulative flows. According to Hyblock and CoinGlass, more than $2B wey dem hold short between $122,800 and $125,500 dey face liquidation, fit make dem buy back. Bitcoin market cap don pass $2.45T, join total crypto market cap wey now be $4.15T as traders dey target $125K.
Bullish
Di kombunashun we lower US CPI than we bin expect, strong samting we dey enter spot ETF dem, plus over $2B we fit liquidate short positions, dey create better chance for Bitcoin to rise. For near time, inflation data we lower than wetin dem forecast fit make Fed cut rate, dis go increase risk-on sentiment and push price momentum. ETF inflows dey give steady buying pressure, while dem forced to close short positions between $122,800 and $125,500 fit trigger more automatic buybacks. For longer time, more institutions dey use ETF dem and market cap dey increase dey support positive price movement, traders dey eye the $125K level as main liquidity target.