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Bitcoin Holds Its Breath: Eyes on Tuesday's Data for a New Record
Bitcoin's price surpassed $122,000 this morning. The critical data for BTC is the inflation data, due tomorrow. Risk appetite in the market is increasing.
Bitcoin Price Rises
Bitcoin reached $122,164 early this morning. Bitcoin has seen a 4.5% increase since the weekend. Just shy of its record high of $122,838, set in July, the price has retreated slightly.
The increased risk appetite among investors is striking. Data from the futures market showed an increase in open interest. The increase in long positions is a clear sign that investors are anticipating a price hike.
And let's not forget the critical data we're waiting for. Investors will be looking to data on Tuesday for clues about potential interest rate cuts from the US Federal Reserve (Fed). That's the Consumer Price Index (CPI) data.
Why Is Bitcoin Acting Like Tech Stocks?
I'd also like to point out that the rise in cryptocurrencies comes at an interesting time. The rise parallels last week's false rally in tech stocks. Investors already have high expectations that the Fed will cut interest rates. The weakening US dollar has been a key factor in this trend.
