Bitcoin Stalls on Mixed Inflation News

Bitcoin Stalls on Mixed Inflation News

Bitcoin investors are unsure how to react after lower-than-expected US inflation data. While it usually benefits risky assets like Bitcoin, worries about a big Bitcoin sell-off linger.

The good news: CPI at 3% is lower than expected (3.1%) and suggests slowing inflation. This could lead to a relaxed Fed stance.

The not-so-good news: No rate cut is likely at the Fed's July meeting. This, coupled with the $58,000 support level test for Bitcoin, could trigger market volatility.

Bitcoin's future? Up in the air. Favorable CPI data might nudge it higher with other risky assets, but a drop could be on the horizon if it loses its $58,000 grip.

Bitcoin Battles at $58,000: Can the Bulls Break Through?

Bitcoin's struggle continues, with $58,000 acting as a critical turning point according to trader Altcoin Sherpa. This key level is Bitcoin's 200-day exponential moving average (EMA 200), and a decisive close above it on higher timeframes is seen as necessary to target $63,000.

There was a glimmer of hope earlier today. Trader Rekt Capital noted an attempt to break a one-and-a-half-month downtrend by surpassing $59,000. Unfortunately, the effort was short-lived, with Bitcoin quickly pushed back down to the low $58,000 area.

Can the bulls muster the strength to overcome this resistance? Only time will tell, but one thing's clear: $58,000 is a battleground for Bitcoin's next move.

Coinbase Simplifies Crypto with All-in-One App

Coinbase is launching a new app to streamline crypto management for beginners. This app lets users connect multiple wallets, buy, trade, and track all their crypto holdings in one place, ditching the spreadsheets and confusion.

Available on desktops and mobile devices, the app caters to new investors who might find crypto overwhelming. This is a big step for Coinbase's goal of becoming a user-friendly "super app" for all things crypto.

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