Bitcoin (BTC) Price Eyes To Hit $70K Amid Potential Positive CPI Data?

With a positive release of the CPI data to 2.9% against a forecast of 3%, the inflation has dropped below the 3% mark for the first time since March 2021 (39 Months). Following this, the Bitcoin price has held its value above the $61K mark, highlighting a bullish sentiment in the coming time.

With this, questions like “Will Bitcoin price reclaim $70K?” and “Will BTC price rise back up?” are on a constant rise.

Dive in as, in this article, we have uncovered the market sentiments, price analysis, and possible short-lived price targets of the Bitcoin (BTC) crypto token.

BTC Crypto Price On The Verge Of A Major Breakout?

Amid increased price volatility in the crypto market, the Bitcoin price has jumped over 3% within the past day with a trading volume of $29.900 Billion, a change of -9.77%. Furthermore, with a jump of 6.28% over the past week, this token displays a bullish outlook this week.

Notably, Bitcoin has continued to hold its dominance above the 56% level and presently stands at 56.2% with a market capitalization of $1.203 Trillion.

Moreover, the BTC price is on the verge of testing its resistance trendline of the descending channel pattern in the 1D time frame. A breakout could result in this crypto token gaining significant attention, thus resulting in it heading toward its upper resistance levels.

Bitcoin (BTC) Market Sentiments

The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram with its averages displaying a high possibility of a bullish convergence in the 1D time frame. This highlights a positive outlook for the star crypto in the coming time.

Further, the SMA indicator shows a bullish curve in the Bitcoin price chart. This suggests an increase in the buying-over-selling pressure within the crypto space.

Bitcoin Spot ETF Update:

On 13th August, the Bitcoin Spot ETF has recorded a total inflow of $39 Million. Notably, Blackrock’s “IBIT” has recorded the highest inflow with $34.6 Million, followed by Fidelity’s “FBTC” with $22.6 Million. On the other hand, Bitwise’s “BITB” has added $16.5 Million over the past day.

On the other hand, Invesco, Franklin, VanEck, Valkyrie, WTree, and Grayscale’s “BTC” have recorded a neutral flow over the past day.

However, Ark’s “ARKB” has recorded an outflow of $6.1 Million. Notably, Grayscale’s “GBTC” has recorded a negative flow for the 9th consecutive day with an outflow of $28.6 Million.

Will BTC Price Reclaim $70K This August?

If the market holds the BTC price above its support level of $61K, the bulls will regain momentum and prepare to test its upper resistance level of $$67,775. Further, if the market holds the price at that level, the market leader will prepare to test its ATH of $73,750.07 in the coming time.

Conversely, a bearish trend reversal could pull the Bitcoin crypto price toward its lower support level of $55,000.