Bitcoin has traded flat, hovering around the $29,000 mark, with traders taking a cautious approach ahead of the latest U.S. inflation reading.
"The amount of liquid and highly liquid supply is at its lowest levels since 2018. Meanwhile, the amount of illiquid supply continues to reach new all-time highs. Traders are exchanging a shrinking supply of coins back and forth while long-term holders steadily stash away into cold-storage," Blockware stated.
A price-break out for bitcoin could arrive on the back of multiple macro-economic conditions, not least a pause in"Everyone will be watching the U.S. inflation report as a cool report could help support soft landing hopes and seal the deal for some that the Fed is done raising rates," senior market analyst Ed Moya said in a note.is that July's Consumer Price Index report will show headline inflation rising to the mid-3% range, but the more important core rate slowing to 4.7%.
"The money markets are expecting the Federal Reserve to take a pause at the September meeting, with a probability of 84%, according to the FedWatch. It’s entirely possible that the Fed is done with tightening, but that will depend to a large extent on upcoming inflation and employment data," market analyst Kenny Fisher added in a Monday
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