3 mins readYou know Bitcoin (BTC), right? It's that top-ranked cryptocurrency everyone talks about.
Today, August 11th, 2023, it's at $29,500—really close to an all-time high of $30,000. Famous crypto analyst Crypto Rover says things look pretty okay, and we haven't seen much change yet.
Credit: TradingView
That Important $30,000 Mark
Crypto Rover knows a lot about this $30,000 level that Bitcoin is trying to get past. He's hopeful that once it does, the price might go up really fast! Why, you ask? Well, plenty of traders are set to make changes if it goes just a bit higher, which could make BTC's value soar.
In fact, similar things happened in the past. When this special level was crossed before, it led to some big and really quick price jumps. Crazy, right?
Open Interest in Bitcoin Grows
Crypto Rover noticed that Open interest in Bitcoin is getting bigger by the day. When this happens, the price usually jumps around even more - that's called "volatility." He expects this to happen soon!
By the way, what's Open interest?
It's the number of contracts that aren't closed yet for options or futures on cryptocurrencies like Bitcoin. This shows how many people want to buy or sell and whether prices might move a lot in the future. So, keep an eye out for more exciting news!
Trade Volume and Activity Drop
But wait a minute! There's a downside, too.
Crypto Rover's report points out that fewer people are trading Bitcoin. The future still seems bright, but with less action happening, the price might not change too much later on.
CPI Data Report
Now, let's talk about something called the Consumer Price Index (CPI). A new CPI report is coming soon, and it might make prices jump around.
Experts think inflation will go up by 0.3 percent, with the core rate close to 4.8 percent.
So, what's CPI? It shows how the cost of things we need changes over time.
It tells us a lot about how prices rise or fall, and that's important for the economy and how money works. Remember, inflation makes money lose its value.
Wrapping Up
Experts see it could grow fast if it crosses that important $30,000 line. More people want to join in, which could cause prices to go up and down a lot. But if trading slows down, things might not be so exciting.
And don't forget about that CPI report! It could really shake things up if inflation rises.
In the end, always keep an eye on what's happening. Stay aware of new trends and analyses in the world of crypto.
And, of course, be careful and make smart choices when putting your money into Bitcoin or any other investment.
