Bitcoin has been on the rise as the Bank of Japan announced that it will not raise interest rates anytime soon and global markets are recovering.
While the BTC price rose above $62,000 this morning, leaving the bears in the lurch, Matrixport analysts said that Bitcoin could rise with the US inflation data to be announced next week.
Matrixport analysts said in their latest report that they expect Bitcoin and the market to react positively if the US inflation data falls below 3%.
“A relief rally may be imminent as Bitcoin awaits US inflation data next week.
Bitcoin is currently oversold; historically, Bitcoin tends to rally in such conditions.
Upcoming inflation data could spur bulls into action.”
This Situation Is Rare In Bitcoin!
The significant stablecoin outflows on Circle last week and the USDC inflows on exchanges this week could be a sign that investors are buying the dip.
Pointing out that the stablecoin's volatility as well as the Bitcoin Relative Strength Index (RSI) being around 30%, analysts claimed that this situation could be a buying opportunity similar to June 2024.
“When corrections are occurring, opportunities for the RSI to drop below 30% are rare during Bitcoin bull markets.
The current situation highlights Bitcoin’s current oversold state, as evidenced by the RSI at 30%, suggesting a potential buying opportunity.”
#MatrixportOnTarget Report📊-Aug 9: #Bitcoin is Oversold – A Relief Rally May Be Imminent🌞 #Matrixport #cryptocurrency #Crypto #BTC #RSI #MarketWatch pic.twitter.com/HPaNNp2CzG
— Matrixport Official English (the only official X) (@Matrixport_EN) August 9, 2024
*This is not investment advice.
