Over the past 24 hours, $BTC climbed 2.85% to $121,819, pushing its weekly gain to 6.3%. The rally is fueled by three main drivers:
1️⃣ Macro Catalyst Anticipation
Traders are positioning ahead of U.S. CPI and PPI releases (Aug 12). Markets are pricing a 63.6% chance of a Fed rate cut in September. A dovish pivot could weaken the USD and boost BC's role as an inflation hedge.
2️⃣ Technical Breakout
BTC closed above the 30-day SMA ($117.3K) and 7-day EMA ($116.8K), with MACD flipping bullish. RSI (60.7) remains far from overbought. Holding $120K opens the door to $126.1K (Fib 127.2%), while $114.3K is key support if macro data disappoints.
3️⃣ Strong Institutional Demand
ETFs saw $91.6M in inflows, while corporate treasuries (including Metaplanet) added $53.7M worth of #BTC . ETFs now hold 6% of total #BTC supply, tightening market liquidity.
💡 The mix of macro anticipation, technical strength, and steady institutional buying supports a bullish outlook. Still, today's CP| release could trigger volatility — a close above $123.1K would confirm bullish continuation, while a drop below $120K may indicate profit-taking.
#Btcpricealert #MichaelSaylor $BTC
