Bitcoin Price Prediction as US Core Inflation Data Releases: Is It Time to Buy?

He bitcoin price It is holding steady at around $30,600, reflecting an increase of almost 0.50% on Wednesday.

The Consumer Price Index saw a 0.2% increase in June, marking a 3% increase from a year earlier, the lowest level since March 2021.

With the release of US core inflation data, investors are assessing the potential impact on the price of Bitcoin. The question arises: is it the right time to buy?

Let’s find out.

US core inflation data

US annual inflation it decreased to 3% in June, marking the lowest rate since March 2021.

This significant slowdown comes after a rise in energy costs pushed inflation to a peak of 9.1% in June of last year.

He Consumer Price Index (CPI) it has now shown 12 consecutive months of inflation moderation.

This decline in inflation has implications for the Bitcoin and cryptocurrency market.

Lower inflation rates could strengthen the case for Bitcoin as a hedge against traditional currency depreciation and inflationary pressures.

Investors may view Bitcoin as an attractive asset in a low inflation environment, which could lead to increased demand and upward price pressure.

Also, lower inflation numbers may ease concerns about possible interest rate hikes by central banks.

one more accommodative monetary policy The environment could provide more support for the cryptocurrency market, as low interest rates tend to make alternative investments like Bitcoin more attractive.

Bitcoin Price Prediction

Bitcoin is currently showing a slight downtrend, trading around $30,500.

Despite facing resistance near the $31,000 level, it has managed to hold slightly below, particularly around $30,500.

A successful breakthrough above this resistance level has the potential to drive Bitcoin price towards the next target around $32,500 or potentially even higher, around $34,150.

Bitcoin Price Chart – Source: Tradingview

On the downside, Bitcoin has immediate support levels to consider, with possible support found around $30,300 or potentially around $29,650.

If the price falls significantly below $29,600, it can lead to a drop towards $28,700 or even lower, around $27,900.

Therefore, monitoring the $31,000 level closely is crucial, as it could provide a significant indication of a possible selling opportunity in Bitcoin if the price sustains below this level.

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Cryptocurrency Price Tracker – Source: Cryptonews