Bitcoin (BTC) is showing signs of a bullish trend today, August 14, 2024. Here are a few reasons why:
1. Technical Analysis: BTC/USD is considered weakly bullish above the support level of $60,445. The price has been moving higher in the short term, with a clear sequence of higher lows and higher support levels.
2. Inflation Data: The U.S. Consumer Price Index (CPI) for July came in as expected, which has contributed to modest daily gains for Bitcoin, pushing its price to around $61,300. This aligns with broader market expectations and has positively influenced investor sentiment.
3. Market Sentiment: There is a general bullish sentiment in the crypto market today, with Bitcoin reclaiming the $61K mark amid expectations of a potential rate cut by the Federal Reserve.
Overall, these factors suggest a positive outlook for Bitcoin today.
