Bitcoin Struggles to Break Through the $110,000 Threshold
In novel cryptocurrency news, Bitcoin has been battling to cross the critical $110,000 limit. This headline-catching attempt occurred around Wednesday’s Wall Street opening hours, but was swiftly thwarted by sellers who strategically kept the price stable. Data from market analytics sources revealed that Bitcoin reached a peak of $109,777 on the Bitstamp exchange before reversing its upward trend. Despite the bearish market, cryptocurrency advocates remain hopeful of an eventual onslaught on the all-time highs.
Exchange Order-Book Liquidity Constrains Bitcoin’s Upward Trajectory
An impactful factor in Bitcoin’s struggle to break the $110,000 threshold has been the sturdiness of the exchange order-book liquidity surrounding the digital currency’s movements. Monitoring resources indicate that this liquidity has been most potent at the $108,500 and $110,500 levels, respectively, effectively creating a narrow range for Bitcoin’s price. This liquidity impediment has stirred market participants into a state of hopeful anticipation for a much-awaited assault on all-time highs.
Strategic Stop Points over $110,000 Risky For Bitcoin Traders
Crypto market experts warn that current liquidity strongly leans to the upside, with stops over the $110,000 mark deemed as unsafe. If bulls manage to shatter the $110,000 barrier, which has not recorded a daily closure since June 11th, a trip to $130,000 seems viable. As the cryptocurrency market remains in flux, traders are continuously monitoring the Relative Strength Index (RSI) data to predict Bitcoin’s potential next move. An inverse head and shoulder pattern, a traditional bullish chart feature, has been identified by analysts in both price and 3D RSI.
How the US Trade-Tariff Situation Could Trigger Volatility in Crypto Market
As the US trade-tariff strife is still underway, macro analysis has shifted its focus towards impending triggers for volatility in the crypto market and risk assets. Trading companies are placing emphasis on next week’s Consumer Price Index (CPI) as a potential agent of change in the crypto market. This expected report will shed light on the ongoing US inflation scenario, likely influencing market expectations for the Federal Reserve’s interest rate cuts and potentially shifting sentiment in the process.
Federal Reserve Interest-Rate Cuts and their Influence on Bitcoin
Projections indicate that the upcoming CPI print will impact market expectations surrounding Federal Reserve interest-rate cuts, potentially leading to variations in overall market sentiment. The hot jobs data from the previous week has already dampened optimism about rate cuts. Given the weak US dollar and consistent inflow from institutions despite the unstable macro environment, Bitcoin is well-bid.
Bitcoin’s Outlook Amid the Reignited Trade War
The precarious state of the global economy, characterized by a reignited trade war and tightening liquidity conditions, has set the stage for heightened volatility. Market observers foresee that these factors, coupled with a possibly more hawkish Federal Reserve, could potentially challenge Bitcoin’s position in the market. However, even amidst these economic challenges, Bitcoin continues to receive positive cues due to the US dollar’s weakness.
Speculators and investors alike must bear in mind that every investment and trading manoeuvre comes with inherent risks. Consequently, they are advised to conduct thorough research before making decisions. Staying informed and understanding the dynamics of the cryptocurrency market is critical to successful trading and investment strategies.
