Bitcoin price could soon see a strong pullback above $100K levels after facing strong selling pressure over the past week. Also, retail participation in BTC is once again picking up which could drive it even higher. Investors have now decided to look past the stick inflationary environment amid the hot US PPI and CPI data.
Bitcoin Price Short Squeeze to Send It to $103K
Prominent cryptocurrency analyst Justin Bennett has weighed in on recent Bitcoin price movements, suggesting a possible short squeeze in the near term. In a statement on social media, Bennett noted the current sideways trading pattern for Bitcoin, attributing it to a broader market rally fueled by optimism. Bennet wrote:
“It’s not pretty, but with stocks rallying on hopes and dreams, there’s a decent chance this sideways chop ends with Bitcoin shorts getting squeezed.”
As a result, Bennet stated that Bitcoin show a quick bounce to $103K levels where it faces the next major resistance. As of press time, Bitcoin price traded near the flatline at $96,840 with daily trading volumes down 35% to $32 billion.
BTC Retail Demand Picks Looking Past US PPI and CPI Data
The Bitcoin retail demand seems to be making a strong comeback following a brief period of consolidation. Recent data indicates that retail activity dipped by only 2% over the past 30 days, a significant improvement compared to the 20% decline seen in January.
Market analyst Kyledoops suggested that this resilience, coupled with improving sentiment, could pave the way for the next upward move in Bitcoin price. However, it will be interesting to see how soon this Bitcoin consolidation will end.
Earlier this week on Tuesday, Jerome Powell indicated that quantitative easing is not on the horizon. The following day, inflation ticked up to 3%, and yesterday’s higher-than-expected Producer Price Index (PPI) suggests that inflation remains persistent. These economic signals point to continued tight liquidity conditions, making it less likely that interest rates will be cut in the near term.
Bitcoin Demand Among Institutions Growing
The demand for Bitcoin among institutions and companies has been growing as GameStop showed interest in putting BTC on its balance sheet. “All the liquidity is going into Bitcoin. I haven’t heard any institution say they are buying your favorite altcoin,” noted analyst Ali Martinez.
Matthew Sigel, head of digital assets research at VanEck, noted that 20 US states are currently advancing legislation related to Bitcoin reserves. If all these bills are passed, they could channel approximately $23 billion into the Bitcoin market, which would be equivalent to around 247,000 BTC.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu’s Adoption Soars: Meme Coin Now Accepted at Major Retailers with CoinGate Integration CryptoGlobe
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Brave Wallet Enables Shiba Inu Payments at 250+ Retailers The Crypto Basic
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A new survey by Deloitte has concluded that nearly 75% of retailers plan to accept cryptocurrency or stable coins within the next two years. With some big brand names like Gucci, Pizza Hut, and Lamborghini already in the crypto market, the move towards these currencies has already begun.
Although right now it’s unusual to pay for a product in crypto, and most of the population has never used them, 83% of retailers expect the interest in cryptocurrencies to increase in the next year. Over half of the companies that Deloitte surveyed have put over $1 million into digital payments. According to these figures, it looks like crypto is the future of payments.
Meme coins have proven to be particularly popular in the crypto community. Based on famous internet memes, these coins already have a fanbase of people following them, building community support. Dogecoin (DOGE) is the most famous of these, with a passionate team of people rooting for the doge-themed coin. Using the same dog as Doge, HachiFi Token hopes to develop a similar fanbase. Designed for NFT creation, HachiFi is undoubtedly an exciting new coin with lots of potential.
Dogecoin and the Future of Crypto
The Deloitte survey found that over 50% of respondents plan to have third-party payment processors convert digital currency into fiat currency (pounds, euros, dollars). To clarify, the retailers won’t be owning cryptocurrencies, they will accept crypto payments to then convert. As a result, companies remain optimistic about the benefits of accepting crypto payments. The volatility of crypto does not affect their company while they benefit from an increased customer base, a win-win situation.
Currently ranked 10th in the world, Dogecoin is a hugely popular currency and one that will be accepted by almost, if not all, third-party payment processors. Dogecoin has recently seen a spike in value as it climbs out of the bear market, so this prediction for increased crypto adoption is very good news.
As cryptocurrency is unattached from the government, users enjoy the weirdness of crypto, especially Dogecoin. It was an accidental movement that started with a joke tweet and spiraled into a currency worth millions. With the meme dog Doge as their mascot, this community-driven coin is loved by its users as they can vote on its internal decisions and wider impact.
The Promising New HachiFi Token
Inspired by Dogecoin, this Shiba Inu-themed token brings the weird and wonderful energy of meme coins to NFT generation. With HachiFi, users can breed NFTs and hatch them from eggs. It has a loveable vintage-game style coin with a cute dog mascot, destined to charm fans of Dogecoin. It adds new elements with game features and an NFT focus while bringing the unique Dogecoin meme feel. The HachiFi platform is dedicated to rewarding and empowering creators whilst also providing equal financial opportunities.
As retailers and companies adopt cryptocurrencies into the mainstream, new coins like HachiFi have an increasingly promising future.
HachiFi (HACHI)
Presale: http://signpup.hachifi.com/
Website: http://hachifi.com/
Telegram: https://t.me/HachiFiOfficial
Twitter: https://twitter.com/HachiFiToken
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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