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Bitcoin Approaches Two-Week Highs Near $110,000 Ahead of U.S. Inflation Data

Bitcoin's price briefly surpassed $110,000, driven by positive CPI data and bullish investor sentiment, with forecasts suggesting a potential rise to $115,000.

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Summary

Bitcoin's price rallied above $110,000 following a cooler-than-expected U.S. Consumer Price Index (CPI) reading of 2.4%. Investor sentiment has surged to a seven-month high, with expectations of further price increases, potentially reaching $115,000, ahead of upcoming PPI data. A bullish pennant formation on the charts signals continued upward momentum, although risks remain if PPI data disappoints.

Terms & Concepts
  • CPI: Consumer Price Index, a measure of inflation that examines the average change over time in the prices paid by consumers for goods and services.
  • PPI: Producer Price Index, an index that measures the average change over time in the selling prices received by domestic producers for their output.
  • Bullish Pennant: A technical analysis pattern that indicates a continuation of an upward trend, characterized by a consolidation period followed by a breakout.