Bitcoin managed to hold on above the 80 thousand dollar level during the day, despite the inflation data announced in the USA. There has been no significant price fluctuation in the last three hours and BTC price is hovering around $80,584. Investors are closely monitoring whether to stay above this level, especially since 80 thousand dollars is the psychological threshold.
Market expert evaluated Bitcoin’s durability
Matt Mena, senior research strategist at 21Shares, stated that Bitcoin’s hold around $81,000 shows a strong stance for the market. 21Shares stands out as an investment firm that manages various crypto funds globally and follows industry trends in depth. According to Mena’s assessment, although inflation concerns continue, the stability in both transaction volume and price level appears to be a positive signal.
Mena also pointed out several important developments that could support the price in the short term. Among these, the US Senate’s CLARITY Act hearing on Thursday, possible statements regarding the Bitcoin reserve in the country, and continued inflows to spot Bitcoin ETFs stand out. A total of over $3.5 billion in inflows into spot Bitcoin ETFs have been reported in the last six weeks.
Critical levels: Daily close above $82K is important
Mena stated that if Bitcoin completes the daily closing above 82 thousand dollars, it could open the door to a new rise towards 85 thousand dollars. On the other hand, he emphasized the possibility of Bitcoin withdrawing to the $ 75,000 support level in the scenario where the price cannot exceed this threshold and the producer price index is announced above expectations.
Bitcoin’s resilience and strong demand for spot ETFs set the stage for potential positive price movements; However, a new rise will depend on exceeding $82,000 at the daily close.
Speculative expectations and fundamental supports
New claims that the USA may create a strategic Bitcoin reserve continue to occupy the agenda in the market. These expectations were interpreted as shaping investors’ forward-looking positions while also influencing short-term price movements.
Bitcoin’s strong hold in the current price range and not leaving critical support levels supported the cautious optimism of market players. Nevertheless, the prediction was shared that increases or decreases, especially in inflation and the producer price index, would direct price movements in the short term.
The general theme of analysts was summarized as follows: A sharp upward or downward movement for Bitcoin in the short term will depend on both technical indicators and current macroeconomic developments.
