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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction and Analysis: BTC Bulls Defend $20K Support as US Inflation Data Approaches
Sep 11, 2024 at 09:25 pm
Bitcoin was volatile after a couple of days of gains. The asset remained well below its peak earlier this year and continue to see some pressure as investors adopt a cautious approach.
Bitcoin price showed some volatility on Monday, following a couple of days of gains. The world’s largest cryptocurrency remained well below its peak earlier this year and continued to see some pressure as investors adopted a cautious approach.
Investors could remain vigilant ahead of U.S. inflation data, a key factor that may influence the Federal Reserve’s monetary policy decision at the upcoming September meeting. A lower-than-expected inflation figure could prompt stronger expectations for a 50-basis-point rate cut, benefiting risky assets like Bitcoin.
Meanwhile, the Harris vs. Trump debate has shifted political odds, with Trump’s chances of winning the 2024 election seen as dropping slightly, potentially affecting market behaviour in the coming weeks. Investors could continue to monitor US presidential candidates’ approach toward cryptocurrencies.
At the same time, increased institutional interest, including Metaplanet’s recent Bitcoin purchase, could support the market. Bitcoin ETFs saw their second day of positive flows, totalling USD 117 million, further boosting confidence. Ethereum ETFs also reversed outflows with an inflow of USD 11 million.
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