Bitcoin penetrated the top of the trading range on August 11, according to Cointelegraph.
Data from Cointelegraph Markets pro and TradingView showed that the value of BTC/USD went up as much as $24,750 on Bitstamp, which has marked its best performance since June 13. Due to implications from a selling pressure, the pair had attempted many breakouts to the top of the range in previous couple of weeks. According to new inflation data released by United States, showed that Bitcoin and alternative coins (altcoins) have been rising in accordance to equities as the Consumer Price Index (CPI) print for July showed that inflation was high.
According to Cointelegraph, the S&P 500 and Nasdaq Composite Index gained 2.1% and 1.9% respectively, while BTC/USD saw a daily range of around $900. Moreover, market commentators were bullish after everything happened. Capo of Crypto, a trader and analyst, stated that $25,500 will be the maximum target before the new downtrend starts off.
Cointelegraph’s data showed that altcoins projected impressive performances across the market which put the largest altcoin Ether (ETH) after ETH/USD gained over 11%. The pair continued with its impressive performance and crossed the $1,900 mark for the very first time since June 6. Also, the CPI momentum added to the Ethereum market, and the Goerli testnet merge concluded successfully.
On the information provided by Cointelegraph’s official website, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team believes in the deliverance of up-to-date news from both the decentralised and centralised worlds. With technology breakthroughs occurring in fields such as artificial intelligence (AI), virtual reality (VR), nanotech, quantum computing, and an increasing number of businesses, entrepreneurs and consumers adopting blockchain technology in everyday life, the publication aims to inform, educate, and share information with its readers.
(With insights from Cointelegraph)
Also read: How should one approach the Ethereum 2.0
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