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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-surpasses-61800-after-cpi-data" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Surpasses $61,800 After CPI Data</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/mt-gox-begins-creditor-payments" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price surged past $61,800 following the release of the Consumer Price Index (CPI) data, leading to significant sell-offs. This increase, however, was met with short-term fluctuations that pushed the BTC price down to $49,000, offering profitable margins for those evaluating the market’s lower end. The recent sell-offs at the $61,800 mark are thus not without meaning.</p>
<h2 id="will-cryptocurrencies-rise">Will Cryptocurrencies Rise?</h2>
<p style="text-align: justify">The Producer Price Index (PPI) data showed positive results, and today’s CPI release was below expectations. Although not as impressive as the previous day’s data, it suggests a rate cut for September. If no major setbacks occur in the next 35 days leading up to the Federal Reserve meeting, the crypto markets may start to price in liquidity easing.</p>
<p style="text-align: justify">QCP Capital analysts provided their market insights before the release of the inflation data. They noted that BTC reclaimed $60,000 overnight, reversing last Monday’s sell-offs and stabilizing at these levels. A $2 billion movement of BTC by Bitgo indicated that the market might be starting to disregard this supply factor. Additionally, ETH spot ETFs saw continuous inflows, with a net inflow of $24.3 million on Tuesday.</p>
<h2 id="cryptocurrency-evaluation">Cryptocurrency Evaluation</h2>
<p style="text-align: justify">The completion of Mt. Gox refunds and the resolution of massive sell-offs have eased market pressures. The forthcoming FTX refunds, totaling approximately $12 billion in cash, are expected soon, which could be reinvested into the crypto market. The recovery in ETF channels, the stabilization of the Japanese stock market, and the quick rebound in BTC prices suggest a potential attempt by Bitcoin to reach $70,000 by the September meeting.</p>
<h2 id="market-insights">Market Insights</h2>
<p style="text-align: justify">Key inferences from the current market situation include:</p>
<ul>
 <li>Bitcoin’s price surge past $61,800 was followed by strategic sell-offs.</li>
 <li>Positive PPI and CPI data indicate potential rate cuts in September.</li>
 <li>Continued ETF inflows suggest robust market support for cryptocurrencies.</li>
 <li>Completion of Mt. Gox and upcoming FTX refunds may inject significant liquidity back into the market.</li>
 <li>Bitcoin’s potential to reach $70,000 by September relies on favorable <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a> and data.</li>
</ul>
<p style="text-align: justify">Investors should closely monitor these developments as they could influence market dynamics and <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> investment strategies.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-surpasses-61800-after-cpi-data" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Surpasses $61,800 After CPI Data</a></h5>

Bitcoin Surpasses $61,800 After CPI Data

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