Bitcoin (BTC/USD) has traded up by more than 7% this past week, with positive action seen following US CPI data for July helping bulls break to a two-month high above $24,930.
BTC price price – short term bullish trend
While the BTC/USD pair has pared some of the intraday gains and currently trade near $24,560, Marcus Sotiriou of digital asset broker GlobalBlock believes the lower inflation readings for July year-over-year at 8.5% could count for bullish sentiment across risk markets.
According to the analyst, cryptocurrencies and stocks could ride the positivity and see fresh gains. Encouragingly for bulls, the BTC/USD pair recorded a daily high near $25,000, which Sotiriou says could indicate a potential short-term bullish trend.
For Bitcoin, the analyst says fresh upward impetus could allow for a breakout above $26k.
He told Invezz in emailed comments:
In my opinion, the fact that inflation has declined will give markets some breathing room over the next month or so, as we have an indication that inflation could have peaked. This is also the first bit of good news regarding the macro economy in months, so I think it will be well received, and allow Bitcoin to break above $26,000 in the following weeks.”
Crypto analyst Rekt Capital also points to a potential upside continuation, especially if bulls hold above the retested 200-week moving average. The main resistance area the analyst is looking at is around $24,700.
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