"Hmm, that's really sad, the price of BTC rose for a moment and then fell again."
The price of the king of cryptocurrencies Bitcoin (BTC) managed to touch back to $59,387 when last night's publication of the United States (US) User Price Index (CPI) data for June 2024 showed a decline of 3.0% from 3.3%.
According to Chris Larkin, MD of Morgan Stanley E-Trade Trading and Investment, the release of the CPI data means the financial market is one step closer to a cut in interest rates by the Federal Reserve (Fed).
Leading crypto analyst Ali Martinez recently indicated that BTC's Accumulation Trend Score of 0.444 was also the reason its price recovered due to investors taking action to accumulate large amounts of the digital asset.
So here it can be seen that the accumulation of BTC especially by large investors has shown a lack of intention to dilute their holdings while reducing the ups and downs in the crypto market.
It should also be noted that the German state of Saxony has quickly run out of BTC to sell after authorities only held 4,925 BTC worth $285 million immediately after transferring another batch of seized digital assets to crypto exchanges and brokers on Thursday night.
While crypto market analysts predict BitMEX outflows could be a bull run for BTC and other cryptocurrencies as the digital asset exchange records major moves that mostly indicate improving sentiment.
As of this writing, the price of BTC, which is currently trading at $56,945, has recorded a jump of 2.31% in the past 24 hours with market capital of $1.1 trillion and then down 0.41% over the past week.
