Bitcoin Market Update – August 2024
$BTC has been trading in a tight range, hovering around the $58,000 mark, influenced by a mix of economic and geopolitical factors. The anticipation surrounding the U.S. Consumer Price Index (CPI) inflation data, set for mid-August, is crucial as it could significantly impact Bitcoin's short-term price movements. Additionally, the ongoing U.S. presidential race and global tensions are adding to market uncertainty.
Despite this, $BTC remains in a long-term uptrend, with key support levels holding strong. While $69,000 is seen as a critical resistance level, a breakout above this could signal a stronger bullish trend. For now, the market sentiment suggests accumulation, with many investors eyeing potential gains later in the year as key events unfold.
