🔥Bitcoin hits 58,000, rebound or reverse?

Technical aspect: Bitcoin fluctuated upward from the lowest 56,646 yesterday, and the highest in the morning reached 58,470. Review of yesterday's market analysis Yesterday's CPI data was lower than the previous value, which triggered higher market expectations for interest rate cuts. The probability of the Federal Reserve cutting interest rates by 25 basis points in September rose to 85%.

Bitcoin chose a strong 15-minute move, and after stepping back on MA170, it directly rose in a wave of positive long positions. In the current market, we observe that the slope of 30-minute MA750 has not flattened, but the price has just stood on MA750, and the overall structure is still in a rebound pattern, and there is no reversal. Pay attention to the details of the changes in the slope of 30-minute MA750 in the future market to predict trading opportunities at the daily level.

Another important point is that the outflow of funds from the spot Bitcoin ETF was 43 million US dollars, breaking the situation of two consecutive days of inflow. This data shows that institutions are not optimistic about the future trend of Bitcoin in the near future and have sold it.

The U.S. Consumer Price Index was released yesterday, with data showing that consumer prices rose 0.2% in August. This brings the 12-month inflation rate down to 2.5%, the lowest level since February 2021, according to CNBC.  

Investors are also watching the Federal Open Market Committee meeting next week, and the CME Group's FedWatch tool shows that the probability of a 25 basis point rate cut by the Federal Reserve is 85%.

$BTC

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