Bitcoin has just broken out of the triangular accumulation zone, maintaining above 116,817 USD, with the main trend still being bullish.
In the Asian trading session, Bitcoin showed strength but faced selling pressure in the European and U.S. markets. Seasonal pressure may slow down price increases, while capital inflows into cryptocurrencies remain stable, indicating long-term profit potential.
MAIN CONTENT
Bitcoin breaks out of the accumulation triangle, holding above the 116,817 USD threshold.
Selling pressure appears in the European and U.S. markets after a strong Asian session.
The flow of investment into cryptocurrencies continues to be maintained, supporting a long-term bullish trend.
How did Bitcoin break out of the accumulation zone and what was the impact?
Matrixport, through expert Markus Thielen, stated that Bitcoin has broken out of the accumulation triangle with a closing price above 116,817 USD, confirming the recovery of the cryptocurrency market. This is a positive sign showing that the main trend is still moving upward.
Breaking out of the accumulation zone often signals a price breakout. In the case of Bitcoin, this indicates a strong transition from a sideways phase to an upward trend, helping investors reinforce their confidence in a new bull market cycle.
The results of the Asian trading session set the foundation, however, the European and U.S. markets experienced a sell-off, reflecting a short-term correction, which is common in significant bullish waves.
How do macro factors affect Bitcoin price forecasts this year?
A higher-than-expected CPI index may reduce expectations for interest rate cuts from the U.S. Federal Reserve (Fed), putting psychological pressure on financial and cryptocurrency markets. This information was thoroughly analyzed by Markus Thielen in the report on August 12.
An increase in the CPI index may make the Fed more cautious about cutting interest rates, which generally negatively impacts risk capital flows like cryptocurrencies. However, the long-term trend remains reinforced as long-term investors continue to invest in the sector.
Bitcoin has demonstrated strong resilience by maintaining above the 116,817 USD threshold despite pressure from traditional financial markets.
Markus Thielen, Matrixport Analyst, 12/08/2024
What does the capital inflow into cryptocurrencies reflect about investment prospects?
Although price movements may be influenced by external factors, the flow of investment into cryptocurrencies remains stable, indicating that many long-term investors believe in the market's profit potential this year.
Balancing capital inflow and price volatility helps the cryptocurrency market become increasingly sustainable compared to previous periods. This trend creates favorable conditions for long-term investors, minimizing risks from short-term fluctuations.
Frequently Asked Questions
When did Bitcoin break out of the accumulation zone?
According to expert Markus Thielen, Bitcoin broke out of the accumulation triangle and held above 116,817 USD on August 12, 2024.
How does the CPI index affect Bitcoin?
A higher-than-expected CPI reduces expectations for Fed interest rate cuts, which could negatively impact Bitcoin's price in the short term.
Does the inflow of capital into cryptocurrencies help increase prices?
Stable capital inflows into cryptocurrencies reflect long-term confidence, contributing to the overall price increase this year.
What markets might put pressure on Bitcoin?
Bitcoin is facing selling pressure mainly from the European and U.S. markets after a strong Asian trading session.
What is the price trend of Bitcoin in 2024?
Despite short-term adjustments, the overall trend of Bitcoin in 2024 remains bullish due to strong capital inflows and signals of breaking out of the accumulation zone.
Source: https://tintucbitcoin.com/cpi-cao-lam-giam-ky-vong-cat-lai/
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