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Key Insights:
- An $83,000 higher-timeframe close for <a href="https://xpertsstudio.com/bitcoin-eyes-100k-as-analyst-sees-potentially-explosive-q4/” title=”Bitcoin Eyes $100K as Analyst Sees Potentially Explosive Q4″>Bitcoin price could trigger further upside to $100K.
- Bitcoin remains range-bound between $78,000 support and $82,000 resistance as investors await US PPI and CPI data.
- Bitcoin ETF flows have started to cool down, with $100.7 million in net outflows on September 9.
As the Bitcoin price flirts with $79,000, analysts are weighing the odds of the next move to $100K. Macro indicators take center stage with the US CPI in focus and will decide the Fed’s next interest rate decision. BTC has remained mostly range-bound for now, moving between $78,000 support and $82,000 resistance on the upside.
Bitcoin Price Golden Cross Formation Hints At $100K Ahead
Popular analyst Crypto Patel said that the Bitcoin price chart is pretty close to a golden cross formation. Furthermore, he added that the ETF flows are very much supporting the price upside.
The analyst noted that $4.25 billion has flowed into U.S. spot Bitcoin ETFs over the past six weeks. Patel identified an $83,000 higher-timeframe close as a key bullish trigger for Bitcoin. However, he cautioned that failing to break past the resistance could trigger a downside in the $60K-$70K range.
Another analyst, CrediBULL Crypto, noted that as Bitcoin price continues to hold its key support region, there’s significant liquidity building to the upside. The analyst said a potential wick toward the established range lows remains possible.
However, he maintained that further upside remains the most likely scenario in the medium term. A move above $82,000 could therefore remain in focus if Bitcoin continues to hold the current region, noted CrediBULL.
Bitcoin Price Waiting for US CPI Data Before Next Move
Bitcoin investors will be closely evaluating the US CPI data and US PPI data for August. On Thursday, September 10, the US Producer Price Index (PPI) will be released. A hotter-than-expected PPI reading could put additional pressure on risk assets, including Bitcoin. However, a softer print could provide some relief to markets.
Economists at TD Securities expect the upcoming US CPI report to show that underlying inflation remained under control in August. The core CPI is projected to increase 0.19% month over month.
The bank expects the services segment to be the main driver of inflation. On the other hand, core goods prices are likely to weigh on the reading with a modest monthly decline.
On an annual basis, TD Securities forecasts core CPI to rise 2.3%, down 10 basis points from July. At the same time, headline inflation is likely to remain unchanged at 3.4% year over year.
Other data investors are closely watching the crude oil price on the macro front. Brent crude has surged again above $100 per barrel, while US oil prices are now above $96 per barrel. If the CPI inflation numbers come in hotter than expected, the Fed will have a difficult time continuing the rate pause.
Bitcoin ETF Flows Are Cooling
To determine the next Bitcoin price move, investors should also closely watch the flows into spot Bitcoin ETFs. During the last trading session on Wednesday, September 9, Bitcoin ETFs recorded $100.7 million in net outflows. With this, the total outflows in the past two trading sessions have surged to $147 million, as per data from SoSo Value.
The outflows come as Bitcoin struggles to reclaim the $79,500 level, following nearly $1 billion in ETF inflows over the previous three sessions. The recent weakening in ETF demand has raised caution, although it is not yet being viewed as a trend reversal.
A continuation of ETF outflows alongside a break below $78,000 could increase downside concerns for Bitcoin price.
This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency markets remain highly volatile. Readers should conduct independent research before making investment decisions.
Source: www.kucoin.com