Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-to-61809-after-inflation-data-release/" data-wpel-link="internal">Bitcoin Surges to $61,809 After Inflation Data Release</a><br></p>
<p class="p1" style="text-align: justify">On August 14, the U.S. Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) inflation <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> for July, causing Bitcoin to surge to $61,809. This data showed a level of 2.9%, lower than recorded in June. However, the process proved complex as the leading cryptocurrency’s price soon fell below the $60,000 mark.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify">Volatility occurs when an asset’s price misleads <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> by moving in one direction and then quickly changing. This happened with Bitcoin, which surged to nearly $62,000 after the BLS released the July CPI. As the market settled, the leading cryptocurrency reversed its trend and fell below $60,000, forming a critical resistance level. At the time of writing, Bitcoin was trading at $58,069, down 8% in the last 24 hours.</p> 
<p class="p1" style="text-align: justify">Since reaching $62,400 on August 9, the flagship cryptocurrency has struggled to stay above $60,000 and has reduced the number of daily transactions resulting in profit. An evaluation of the daily transaction volume’s profit/loss ratio (using a seven-day moving average) showed that on August 15, Bitcoin investors recorded more losses than profits.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380284 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/santiment.png" alt="" width="3840" height="1300"></p> 
<p class="p1" style="text-align: justify">At the time of writing, the value of the data was 0.88, indicating that for every transaction resulting in a loss, only 0.88 transactions resulted in profit. Additionally, there was an increase in demand for short positions, as evidenced by the negative funding rate in the last 24 hours. As of the date of this writing, the funding rate of money on <a href="https://en.coin-turk.com/leon-li-recovers-funds-from-ftx-for-sinohope/" data-wpel-link="internal">cryptocurrency exchanges</a> was recorded at -0.004%.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380283 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-veri.webp" alt="" width="1536" height="520"></p> 
<p class="p1" style="text-align: justify">When an asset’s funding rate is negative, the demand for short positions is higher. This means more investors expect a price drop and are buying the asset with the expectation of selling it at a lower price, rather than expecting a price increase.</p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
<p class="p1" style="text-align: justify">Bitcoin’s drop below the $60,000 price level pushed its price below its 20-day exponential moving average (EMA). This measures the token’s average price over the last 20 trading days. When an asset’s price trades below this moving average, it signals a short-term bearish trend or downward momentum. This indicates that the recent price movement is weaker than the 20-day average.</p> 
<p class="p1" style="text-align: justify">If Bitcoin falls further below this significant moving average, it could drop to the next support level at $54,847. However, if market sentiment shifts from bearish to bullish, the token’s price could reclaim the $60,000 level and trade above $61,388.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380282 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/grafik.png" alt="" width="2770" height="1360"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-surges-to-61809-after-inflation-data-release/" data-wpel-link="internal">Bitcoin Surges to $61,809 After Inflation Data Release</a></h5>
<p>The post <a href="https://en.coin-turk.com/bitcoin-surges-to-61809-after-inflation-data-release/" data-wpel-link="internal">Bitcoin Surges to $61,809 After Inflation Data Release</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Bitcoin Surges to $61,809 After Inflation Data Release

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