Bitcoin price targets 8-week highs as Ethereum reaches $1.8K

Bitcoin (BTC), which was looking to hit new August highs at Aug. 8 Wall Street Open, as the upcoming US inflation data fuelled sentiment.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

$25,000 Next major BTC resistance

Data from TradingView and Cointelegraph Markets Pro followed BTC/USD as Bitstamp hit $24,246. This is its highest since July 30.

At the time of writing, the pair was at its highest level since mid-June. Analysts and traders scanned charts for resistance signs.

Material Indicators are on-chain monitoring resources. This was achieved by selling at $25,000 and Bitcoin’s 100-day moving mean (MA).

It wrote that the Bear Market Rally was pumping ahead CPI reports this week in its latest Twitter update.

The accompanying chart displayed long signals that still characterize the daily chart. The 100-day MA was at approximately $25,650.

The largest global exchange Binance’s order book data reinforced the expectations of friction in the area. Sell liquidity was increasing around the $25,000 mark.

BTC/USD 1-day candle charts (Bitstamp), with 100-day MA. Source: TradingView

The August 10 Consumer Price Index (CPI), which was published on risk assets, was running the show. Markets were waiting to see if U.S. inflation had reached a peak.

Although this might theoretically allow crypto to breathe, commentators noted that there was still the possibility of major stock market corrections, as crypto is heavily correlated.

Larry Fink, the CEO of BlackRock, the largest asset manager in the world, made some worrying moves that raised concerns that risk assets were just experiencing a prolonged bear market relief rally.

Fink’s partnership last week with Coinbase in the U.S. saw him sell a tranche of 44,000 BlackRock shares, his first major sale since March 2020 COVID-19. The question was raised as to whether Fink knew something the majority of investors did not.

BLACKROCK’S CEO, LARRY FINK, IS THE WORLD’S LARGEST ASSET MANAGER. OVER 10 TRILLION IN ASSETS HAVE BEEN SOLD. ANOTHER 8% HAS OWN STOCK LISTED OVER THE CURRENT WEEK. This is HIS BIGGEST STOCKS SALE AFTER COVID, HIS LAST BIGGEST STOCKS SALE WAS RIGHT BEFORE COVID. $BLK pic.twitter.com/5aNwTjLzPM
— Gurgavin (@gurgavin), August 8, 2022

Max Rager, a trader and pundit, said that the only thing that could push prices down is the stock exchange having another major pullback.

“It is hard to imagine anything putting the same selling pressure outside as we did with the LUNA/3AC events.”

Rager claimed that the majority of investors were anticipating a trip to June’s lows or worse and this would not be what is causing the market “max pain.”

Ethereum Merge could mean “buy the rumor and sell the news”

It was not Bitcoin that had the highest daily or weekly performance of any of the ten top cryptocurrencies according to market capital.

Related: Is US inflation at its peak? Five things you need to know about Bitcoin this week

The major tokens were Solana (SOL), Ether (ETH), and Polkadot(DOT), which all delivered 24-hour returns between 5% to 8.5%.

In the midst of ongoing speculation about the Merge, the USD/ETH reached $1,817 at Binance. This is its highest level since June 9.

Glassnode is an on-chain analytics company that could see the good times continue up to the event, which is expected to take place in September.

“There is very little directional bias in Bitcoin derivatives markets. On the Ethereum side however, traders clearly have a long bias expressed in options contracts centred around September.” It wrote about traders’ plans for the latest edition “The Week On-Chain,” published Aug. 8.

“Both the futures and options markets are in backwardation following September. This suggests that traders expect the Merge to become a ‘buy-the rumor, buy the news’ event and have positioned accordingly.

1 Day Candle Chart ETH/USD (Binance). Source: TradingViewcom. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/bitcoin-price-targets-8-week-highs-as-ethereum-reaches-1-8k

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