The BTC/USD pair is currently down nearly 0.50% and trading at $29,597, bracing for the impact of the upcoming release of the US Consumer Price Index (CPI). Against such a market backdrop, Bitcoin continues to demonstrate its resilience despite challenges such as a Moody's downgrade and a banking crisis. Additionally, Galaxy Digital posted impressive earnings, driven by the surge in Bitcoin's value and its diversified businesses. However, Bitcoin is under pressure due to a stronger US dollar.
Bitcoin under pressure as dollar strengthens
On Thursday, despite recent positive developments, Bitcoin remained under pressure ahead of the upcoming release of the Consumer Price Index report during the U.S. session. The dollar remained stable near five-week highs as demand for the greenback increased as markets awaited a potentially strong U.S. Consumer Price Index report.
The U.S. dollar index and U.S. dollar index futures both performed strongly in Asian trading hours, up 0.5% this week. Expected data showed that CPI inflation may rise in July, prompting the Federal Reserve to take a hawkish approach in line with the expected range.
Bitcoin Price Prediction
Bitcoin is currently hovering at $29,697 with a slightly bullish trading bias. However, as shown on the four-hour timeframe, there are still obstacles preventing it from breaking through the $30,200 threshold. This resistance is further emphasized by technical formations, which indicate a stronger bearish sentiment. Important indicators such as the RSI and MACD are approaching overbought territory, which means that the current bullish momentum may weaken.
The value of Bitcoin recently hit the 23.6% Fibonacci retracement level, currently priced at $29,800.
If the trend continues, the next target will be the 38.2% mark, which is $29,600. If Bitcoin falls below this level, it could result in a drop to $29,250. However, if Bitcoin manages to break the $30,200 resistance, it could rise to the $30,600 to $31,000 range. It is important to keep an eye on the key areas of $29,800 and $30,200 as any change below these areas could indicate a bearish trajectory for Bitcoin.
In the XRP pump and dump session, the outcry was based on the lawsuit. In response, cryptocurrency lawyer John Deaton shared his thoughts on the SEC's appeal of the XRP lawsuit. He explained that the SEC wants to challenge parts of the court's ruling early, even before the main case is over. This may give the SEC an advantage, but Deaton said it does not mean they will automatically win.
Deaton comments on XRP ruling
Deaton revealed in his X post that the judge may grant this early challenge. If that happens, the judge can better explain her decision, making it harder to challenge later. Deaton also believes that this may be an opportunity for the judge to address concerns raised by another judge.
As for Deaton’s own involvement, he is waiting to see what Ripple, the company behind XRP, says before deciding what to do. He wants to make sure his opinion adds something new and useful to the case.
Deaton's insights suggest that an SEC appeal may be a smart move, but there's no guarantee it will work. The process could make the judge's decision stronger and help clarify some legal issues. We'll have to wait and see how this all pans out.
Did the SEC miss its chance to appeal?
Based on the latest developments, the court is now aiming for a trial in front of a jury in the second quarter of 2024. Given the unexpected announcement, the SEC may have missed the window to file an “interlocutory appeal” this week.
Today marks the start of a new year of speculation, with XRP price up 66 cents before the open, while other assets like ETH and Cardano continue to struggle to reach new ATHs due to their legal status.
Under the implication of the ruling, any cryptocurrency could be a security, depending on the context of the sale, whether it is an institutional sale or a secondary market sale. XRP could take advantage of this as it could require a cooling-off period to maintain its position in the market.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.