Bitcoin: Watch Before Tomorrow! đš
As the Bitcoin market stays bullish on the larger time frames, all eyes are on upcoming inflation data due tomorrow. With Bitcoin currently facing resistance around $89,000, there are critical dynamics to consider. On Monday, we saw a massive influx into Bitcoin ETFs, with BlackRock leading with a $756 million purchase, showing institutional confidence in Bitcoinâs long-term potential. Additionally, Tether minted $2 billion in USDT, signaling high demand from outside the crypto space, hinting at more capital inflows.
Tomorrowâs inflation report, expected at 2.6% year-over-year, will be pivotal. A rate at 2.6% should have a neutral effect since it's already priced in. However, a deviation could drive volatility. Lower-than-expected inflation would be bullish, supporting Bitcoin's upward momentum, while higher inflation could dampen the market.
On the technical side, Bitcoin shows bullish signs on larger time frames, indicating a promising trend. However, overheated funding rates suggest that a short-term pullback could provide better entry points.
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