Bitcoin is trading in line with U.S. equities, which saw the S&P 500 and Nasdaq close higher for a second day ahead of today’s highly anticipated August CPI inflation report. Bitcoin is still battling to reclaim $58k, a key level that has flipped from support to resistance. Meanwhile, altcoins are holding strong, with Altcoin dominance at critical support levels and notable pumps in blue-chip assets like ICP and AAVE.
After two weeks of consistent outflows, Bitcoin saw a positive shift yesterday, with $117 million in inflows signaling renewed buying interest by institutions.
With U.S. CPI data due at 6:00 PM IST, market volatility is expected. If inflation comes in lower than anticipated, a short-term rally could be on the horizon. The Fear & Greed Index stands at 37, reflecting fear, but it’s a notable improvement from last week’s more extreme fear sentiment. Overall, today promises to be an exciting one, setting the stage for price action that could shape market momentum for the weeks ahead.
