In anticipation of the June U.S. CPI data scheduled to be released on July 13, there have been significant discussions surrounding Bitcoin, which in turn is giving BTC price leverage to increase towards the $20,000 mark.
The popularity of Bitcoin (BTC) appears to have skyrocketed in recent months. The previous high ratio of discussions was reported in June of last year. People are still wary of the Bitcoin price ahead of the June CPI report in the United States on July 13. The Bitcoin price is currently quite volatile, hovering around the $20,000 mark.
Bitcoin’s Social Dominance indicator, according to Santiment, has reached an annual high. As the Bitcoin price has fallen below 20,000, interest in Bitcoin (BTC) has increased, but debates about other crypto subjects have waned. Historically, this has been regarded as a positive sign for Bitcoin and the cryptocurrency market.
“The ratio of discussions related to Bitcoin vs. all crypto have has risen swiftly on social media. BTC‘s social dominance is now at its highest point since June 2021. Historically, focus coming back to BTC is a good sign for crypto bulls.”
Altcoins icing as Ethereum, Solana, Cardano, and XRP have failed to display substantial market fluctuations as a result of the liquidity problem and the bankruptcy filings of Three Arrows and Voyager Digital. Dogecoin and Shiba Inu, on the other hand, shown showed some strength as a result of whale purchases and recent developments.
The June CPI statistics for the United States are set to be revealed tomorrow, July 13. The White House press secretary, Karine Jean-Pierre, predicts that inflation will be “very elevated” as a result of rising gasoline and food prices. However, declining energy prices in July suggest that things will improve in the coming months.
Rising inflation may compel the Fed to hike interest rates by another 75 basis points (bps), as June CPI data will be crucial amid rising recession fears.
Last week, cryptocurrency prices rose as sentiment improved slightly. However, as the CPI data date approaches, cryptocurrency prices are erratic and retracing.
Bitcoin and Ethereum discussions have heated up, with reports predicting that prices will go below crucial support levels. According to the MLIV Pulse survey, 60% of those polled believe Bitcoin will fall to $10,000, while 40% believe it will finally rise to $30,000.
BTC
is currently trading at $19,900, a 4% decrease in the last 24 hours. Ethereum (ETH) is currently trading at $1068, down more than 6% in a single day.
