In the Bitcoin market, after breaking through the 58,000 pressure level yesterday afternoon, it once touched 59,476 US dollars, but then fluctuated and fell back. At the time of writing, it was reported at 57,7487 US dollars.

图片

The CPI data will be released tonight, which is a big stimulus for the market and an important reference point for the direction.

Why do I say so?

First, the market trend has just recovered from a sharp drop, and the bulls have also strengthened. If it can break through with the help of favorable factors, it means that the real decline has come to an end.

Second, CPI has always been a focus of attention for the cryptocurrency community, especially since there will be a rate cut this year. Basically, every piece of data is worth paying attention to.

Third, the cryptocurrency world has been in a state of panic recently, and some good news is needed to stimulate the market.

The current cryptocurrency world has made countless people feel fearful, and they are increasingly focusing on risk control. It is obviously not that easy to reap the benefits of everyone.

Recently I heard that many people are preparing to quit the circle. They can’t stand the volatility of the market, especially the downward trend, and there is no sign of a rebound.

"If you are still underwater and can't see the market trend clearly, if you are bullish, it will fall, if you are bearish, it will rise. Follow my homepage and I will share the profit code for free every day."

图片TIA escapes, but the bull is exhausted

TIA is one of the currencies that unexpectedly gained momentum in the past 24 hours. It jumped from $6.42 to $7.42, and has recovered to $6.9 at press time. Previously, TIA’s price had fallen to an eight-month low.

However, on-chain data from Santiment shows an increase in trading volume. On July 10, TIA’s trading volume exceeded $260 million. Trading volume indicates interest in tokens.

If the volume increases, it means there is a lot of buying and selling, but a decrease in volume suggests that market participants are reluctant to put money into cryptocurrencies.

For the Celestia cryptocurrency, an increase in trading volume coupled with a rise in price means that more is being bought than sold.

According to the 4-hour chart, TIA had earlier crossed above the 200-day EMA (yellow). EMA stands for Exponential Moving Average (EMA). It measures price action over a period of time.

If this trend continues, the cryptocurrency’s value is likely to continue rising and could reach its target objective of $8.09. But if that does not happen, the next move could be a drop to $6.44.