Bitcoin accelerated strongly over the weekend and temporarily regained the $ 45,000 mark. On Monday morning, the crypto market will initially be dominated by the red signs, but overall the digital reserve currency is much friendlier than it was a few weeks ago.
Despite a loss of around four percent over a 24-hour period, Bitcoin is still trading at prices around 43,000 dollars, well above the tough sideways trend that has dominated the chart since the sharp setback in May. The breakout above the upper limit of the trend channel at around $ 41,500 was confirmed by follow-up profits and has so far proven to be sustainable.
After the strong run in the previous week, a consolidation is not unusual at first. It would be important, however, that the horizontal support in the area of 41,500 dollars remains unharmed – otherwise the sideways trend threatens to continue. On the upside, next to Sunday’s local high at $ 45,282 in the $ 48,000 range, the next big hurdle awaits Bitcoin.
Bitcoin as an inflation winner?
Despite the weaker start of the week, the sentiment for Bitcoin remains bullish. According to the industry portal cointelegraph.com US inflation data for July on Wednesday (August 11) could already provide new impetus. A further increase in the rate of inflation of 0.5 percent is expected on the markets – which would make Bitcoin even more attractive due to its deflationary character.
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
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