Bitcoin Price Tumbles Amid Inflation Data, Experts Eye Local Top
Bitcoin's price remained in a downtrend this week, slipping from $64,500 to $63,000 after the release of US inflation data. The year-over-year CPI for July came in at 3.4%, the lowest reading in four months. Despite what seemed like a positive signal, bitcoin's price fell into the $63,000 area by the end of the week.
CryptoQuant analysts suggest that bitcoin could form a local top in the $66,317-$68,965 range or move up to $70,000. However, if the downtrend continues, the next target could be around $51,336.
The experts note signs that a bottom may be forming, but believe there is still no definitive confirmation. Wintermute noted that weak US jobs data supported the crypto market, and US spot Bitcoin and Ethereum ETFs took in about $1.1 billion over the week.