The leading cryptocurrency Bitcoin (BTC) is following a fluctuating course. At this point, BTC, which fell to the level of $ 100,000 a few days ago, rose above $ 110,000 yesterday.
While the CPI and PPI data coming from the USA are expected to increase volatility in BTC, analysis company Matrixport said that the upward trend in Bitcoin is expected to continue.
Matrixport analysts said that Bitcoin broke out of the symmetrical triangle formation with its recent rise, signaling that the uptrend will continue.
Analysts noted that Bitcoin’s rally was powered by new capital inflows and gradually easing concerns about tariffs.
Analysts also argued that although the inflation data to be released this week is expected to be high and put pressure on the BTC price, it will not be able to disrupt the upward trend.
“Bitcoin broke the $106,000 downtrend line and even climbed above the symmetrical triangle pattern.
This move indicates a new capital inflow, which bodes well for Bitcoin, and concerns about tariff uncertainty in the market appear to have eased.
Although the US May Consumer Price Index (CPI) is expected to be higher, Bitcoin’s current bullish momentum will be difficult to disrupt.
Because the US economy is more resilient than expected and as long as Bitcoin maintains $105,075, the uptrend is expected to continue.”
*This is not investment advice.
