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Bitcoin Holds Steady Above $30,000 as Analysts Remain Optimistic Amidst Decrease in US Inflation Indicator

Bitcoin's value remains above $30,000 despite a slight drop in the US inflation gauge, the Consumer Price Index (CPI), which hit its lowest yearly level in June. The CPI increased by 3% from the previous year, down from 4% a month earlier, with goods and services rising by 0.2% month-over-month.

The Federal Reserve will use this information, as well as other economic indicators, to determine its next interest rate decision. In the meantime, investors are optimistic about a potential Bitcoin price surge to $120,000 by the end of 2024, with long-term holders dominating the market, according to network data.

Bitcoin's current price is $32,000, but if it fails to maintain support at $30,000, it could result in a sell-off to $28,000 and $25,000. The US government is selling Bitcoin related to Silk Road, which some believe could cause a cryptocurrency crash. Despite ongoing lawsuits and a crypto winter, Coinbase's stock price has risen by 16%.

Bitcoin Bitcoin $98,305.59
-0.01%
Bitcoin Federal Reserve
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