CandleFocus Bitcoin Climbs 2% While Analysts Remain Wary of US Inflation Report
2024-09-09
Author: Content Editor
Bitcoin rebounded 1.8% to reach $54,440 after a weekend slide, but analysts are cautious about potential outflows from spot ETFs and the impact of upcoming economic data releases on the market. Bitcoin spot ETFs experienced a net outflow of $706 million last week, and the release of the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) this week will heavily influence the Federal Reserve's interest rate decisions. Ethereum also saw a 1.5% increase to $2,330, but spot ETFs recorded a net outflow of $91 million, with the Grayscale Ethereum Trust alone accounting for $111 million in outflows. Analysts believe that Bitcoin's current consolidation phase is reminiscent of patterns observed in 2019 and that the next week will be crucial to watch. In terms of market volatility, there is a suggestion to reduce exposure and wait for a more favorable entry point, but in the medium to long term, lower rates are expected to enhance valuations and renew interest in riskier investments.
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