Bitcoin’s price remains range-bound as other assets like equities, gold, and U.S. Treasurys offer competitive rates with reduced risk. The upcoming CPI report could potentially shake up the market. The recent decline in tech stocks has raised concerns among investors, especially with the expectation of an interest rate hike by the Federal Open Market Committee. The Consumer Price Index for July is predicted to surpass the central bank’s target of 2%, indicating a tightening economy. Traditional safe haven assets like gold and bonds are also losing appeal due to various factors. Despite this, Bitcoin whales have increased their leverage long positions using derivatives. Bitcoin’s price support at $29,000 is backed by solid derivatives metrics, indicating a positive sentiment toward the cryptocurrency. However, in the short-to-mid term, there is not much evidence to suggest that Bitcoin will experience a significant surge if inflation becomes widespread in the United States. Nevertheless, there is hope for bullish investors as Bitcoin has shown solid support at the $29,000 mark.
