{"id":34736,"date":"2023-07-12T15:43:00","date_gmt":"2023-07-12T19:43:00","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-price-prediction-as-us-core-inflation-data-is-released-time-to-buy\/"},"modified":"2023-07-12T15:43:02","modified_gmt":"2023-07-12T19:43:02","slug":"bitcoin-price-prediction-as-us-core-inflation-data-is-released-time-to-buy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34736","title":{"rendered":"Bitcoin Price Prediction as US Core Inflation Data is Released \u2013 Time to Buy?"},"content":{"rendered":"
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The price of Bitcoin is steady at around $30,600, reflecting a nearly 0.50% increase on Wednesday.\u00a0<\/p>\n

The consumer price index saw a 0.2% rise in June, marking a 3% increase from a year ago, the lowest level since March 2021.\u00a0<\/p>\n

With the release of US core inflation data, investors are evaluating the potential impact on Bitcoin’s price. The question arises: is it the right time to buy?<\/p>\n

Let’s find out.\u00a0<\/p>\n

US Core Inflation Data<\/strong><\/h2>\n

US annual inflation eased to 3% in June, marking the lowest rate since March 2021.\u00a0<\/p>\n

This significant slowdown comes after a surge in energy costs drove inflation to a peak of 9.1% in June last year.\u00a0<\/p>\n

The Consumer Price Index (CPI) has now shown 12 consecutive months of easing inflation.<\/p>\n

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This decline in inflation has implications for the Bitcoin and cryptocurrency market.\u00a0<\/p>\n

Lower inflation rates could strengthen the case for Bitcoin as a hedge against traditional currency depreciation and inflationary pressures.\u00a0<\/p>\n

Investors may see Bitcoin as an attractive asset in a low inflation environment, potentially leading to increased demand and upward price pressure.<\/p>\n

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Moreover, the lower inflation figures may alleviate concerns of potential interest rate hikes by central banks.\u00a0<\/p>\n

A more accommodative monetary policy environment could provide further support to the cryptocurrency market, as low interest rates tend to make alternative investments like Bitcoin more appealing.<\/p>\n

Bitcoin Price Prediction\u00a0<\/strong><\/h2>\n

Bitcoin is currently showing a slight bearish trend, trading around $30,500.<\/p>\n

Despite facing resistance near the $31,000 level, it has managed to remain slightly below it, particularly around $30,500.\u00a0<\/p>\n

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A successful breakthrough above this resistance level has the potential to drive Bitcoin’s price towards the next target around $32,500 or potentially even higher, approximately $34,150.<\/p>\n

On the downside, Bitcoin has immediate support levels to consider, with possible support found around $30,300 or potentially around $29,650.<\/p>\n

If the price significantly drops below $29,600, it may lead to a decline towards $28,700 or even lower, around $27,900.<\/p>\n

Therefore, closely monitoring the $31,000 level is crucial as it could provide a significant indication of a potential selling opportunity in Bitcoin if the price remains below this level.<\/p>\n

Top 15 Cryptocurrencies to Watch in 2023<\/strong><\/h2>\n

Keep up-to-date with the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our meticulously curated collection of the top 15 digital assets to watch in 2023.<\/p>\n

This carefully selected list has been compiled by industry experts from Industry Talk and Cryptonews, guaranteeing professional recommendations and valuable insights.<\/p>\n

Stay ahead of the curve and uncover the potential of these cryptocurrencies as you navigate the dynamic landscape of digital assets.<\/p>\n

Find The Best Price to Buy\/Sell Cryptocurrency<\/strong><\/h2>\n<\/p><\/div>\n