Bitcoin Traders Dream of $137K as Inflation Cools: Are We Living in a Crypto Fantasy?

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Key takeaways (because you obviously need a cheat sheet):

  • July’s US CPI is hanging tight at 2.7% year-over-year-totally chilling and giving a hefty boost to Fed rate cut bets. Yes, you heard that right, it’s up to a delightful 93.9% for September!

  • Key price support is flirting around between $117,650 and $115,650, but if it plays hard to get, we might be heading to a wild CME gap at $95,000. Exciting, right? 🎢

It seems Bitcoin (BTC) is cautiously optimistic after the July US Consumer Price Index (CPI) report shows inflation just lazily hanging out at 2.7% year-over-year, which is basically the same as June and a tiny bit lower than the previous, more anxious forecast. Meanwhile, Core CPI, excluding all those pesky food and energy prices, ticked up to 3.1% annually-perfectly on point!

On a month-to-month basis, overall CPI saw a modest bump of 0.2%, which is a relief from last month’s 0.3%. Who knew numbers could be so thrilling? 📈 And Core CPI? It rose 0.3% instead of the anticipated 0.2% -don’t you just love when forecasts go awry?

This data is like a gentle pat on Bitcoin’s back, whispering sweet nothings about monetary easing, which is basically code for “let’s just keep things chill for risky assets.” Lower interest rates make holding Bitcoin feel more appealing, so we might just be on the brink of a crypto flood!

Following this illustrious CPI report, the entertainment continues as market expectations for a September Fed rate cut have soared to an almost chummy 93.9%, according to those smart CPI folks at CME FedWatch. It’s like a party, and everyone’s invited!

But hold your horses! Despite core CPI playing nice, it suggests some persistent price pressures, hinting that the Fed might still be looking for more drama before they make their next move.

What’s next on the horizon? Keep your eyes peeled for next week’s Producer Price Index (PPI, estimated at 2.3%) and Core PPI (2.5% estimated). If they surprise us with softer-than-expected prints, we might find ourselves in a bullish paradise for Bitcoin. Yes, please! 🌈

Is Bitcoin calling for a glorious $130,000 in September?

After a weekend full of excitement, Bitcoin shot up to Monday heights of $122,190, only to have the party crash when it dipped 3% to $118,500 like an awkward guest leaving before dessert was served.

After the CPI fireworks, BTC is now merrily bouncing back to $119,500, but beware! A decisive close above $119,982 is key to keeping the momentum rolling. 💫 And let’s be honest-a daily close above $120,000? Well, that would be historic. It might just spark the next rocket launch in Bitcoin’s rally!

Now, on the technical side of things-cue the serious music-a bullish flag pattern on the daily chart has recently waved goodbye to the downside. This pullback could very well be a cheeky little retest before the grand march towards our dazzling target of $130,000.

Our technical sage, Titan of Crypto, is also peeking at this bullish scenario, with eyes set on a staggering $137,000 based on a descending trendline breakout witnessed on Sunday. Yes, please, and thank you! 🙏

However, if Bitcoin fails to reclaim that golden $120,000 throne, we might have some short-term drama as selling pressures creep in. The immediate support lies in the $117,650-$115,650 zone, which is practically the hottest spot for traders right now! 🔥

As pointed out by CryptoMoon, even though BTC looks like it’s strutting its stuff at higher ground, it’s not completely invincible. A slip could send it crashing through the $100,000 support, possibly tumbling as low as $95,000. Can you feel the tension? 😱

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2025-08-13 02:35