Bitcoin rises slightly as U.S. dollar weakens
I had several days without sharing information on Cointelegraph featured columnist William Suberg's theme line, and today I wanted to upload some thoughts from his latest article on the recent rise of BTC and the weakening of the US dollar.
As Suberg puts it, "Bitcoin hit USD 58,000 around the open of Wall Street on July 12 as markets reacted to "sticky" U.S. inflation data."
It has been noted that, "Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin (BTC) price strength improved as the producer price index (PPI) for June rose more than expected"
Unlike the Consumer Price Index (CPI) numbers on July 11, BTC/USD avoided a drop on the PPI release, gaining modestly in line with U.S. equities as dollar strength plummeted.
According to popular trader Rekt Capital, "Bitcoin needs to close daily above USD 58,350 (black) to break the Lower High Low and, more importantly, position for a rally to USD 60,600 (blue)."
SOURCES CONSULTED
Cointelegraph. Key BTC price levels emerge as Bitcoin hits $58K on ‘sticky’ US PPI. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
