Better inflation news on US economy, could make BTC to hit all time high $100k

Crypto analysis (BTC chart analysis)

 BTC is steady around $70,000, if Bitcoin can go above this level, it could quickly jump to $73,500. In the long run, Bitcoin might even reach between $95,000 and $100,000.

 

 

The cryptocurrency market has been pretty quiet lately, with the total value of all cryptocurrencies stuck around $2.6 trillion for three days. Bitcoin, the biggest cryptocurrency, has not been able to go above $70,000. This has made people less excited about the market.

But somehow there have some positive fact as Bitcoin has been moving in the same direction as US stock markets, which is different from how it usually behaves. Normally, people see Bitcoin as a way to protect their money when the stock market is downturn. For a long time, Bitcoin's price changes didn't match up with stock market changes, making it a good choice for investors who wanted to spread out their investments. If the stock market fell, Bitcoin might not fall as much.

Simon Peters, a crypto expert who works for the online trading platform eToro, explained that Bitcoin's performance is becoming more and more connected to how US stock markets are doing. This means that when US stocks do well, Bitcoin often does well too.

In the past few weeks, this connection has grown stronger, showing that Bitcoin is influenced by what happens in the US economy. So, when the inflation news was better than expected, it helped boost Bitcoin prices.

Crypto analysis (BTC chart analysis) : 

Bitcoin has dropped 0.3% in the last 24 hours, while Ethereum has gone up by 0.6%. Other top cryptocurrencies are showing mixed results. Dogecoin has fallen by 2%, Solana by 1.5%, while Toncoin has risen by 1.5%.

Looking at the technical side, Bitcoin is close to the top of a downward trend. The $70,000 mark is very important for Bitcoin and the overall crypto market. If Bitcoin can go above this level, it could quickly jump to $73,500. In the long run, Bitcoin might even reach between $95,000 and $100,000. This range is significant because it includes key levels based on previous price movements and important round numbers.

In summary, while the crypto market is currently stable, the key to more excitement and potential growth lies in Bitcoin breaking through the $70,000 barrier. If that happens, we might see a surge in prices across the market.