Bitcoin breakout to $120K on radar as markets forget Fed July rate cut
Key points: Bitcoin continues to range around $103,000 as bulls struggle to keep upside momentum going.Traders favor short-term BTC price gains eventually returning, while overall faith in the bull market varies.Fed rate cuts seem increasingly far off despite encouraging inflation data.Bitcoin (BTC) hugged familiar territory around the May 14 Wall Street open as traders awaited fresh US macro cues.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewTrader: BTC needs $108,000 reclaim for breakoutData from Cointelegraph Markets Pro and TradingView showed $103,000 remaining a BTC price magnet.Bulls had managed another trip to $105,000 the day prior, with momentum nonetheless lacking after brisk gains throughout the first half of the month.Now, traders eyed consolidation prior to a return to volatility, with predictions favoring further upside.It's all just a big shake-out range in before another break-out
Key points:
Bitcoin continues to range around $103,000 as bulls struggle to keep upside momentum going.
Traders favor short-term BTC price gains eventually returning, while overall faith in the bull market varies.
Fed rate cuts seem increasingly far off despite encouraging inflation data.
Bitcoin (BTC) hugged familiar territory around the May 14 Wall Street open as traders awaited fresh US macro cues.
Trader: BTC needs $108,000 reclaim for breakout
Data from Cointelegraph Markets Pro and TradingView showed $103,000 remaining a BTC price magnet.
Bulls had managed another trip to $105,000 the day prior, with momentum nonetheless lacking after brisk gains throughout the first half of the month.
Now, traders eyed consolidation prior to a return to volatility, with predictions favoring further upside.
It's all just a big shake-out range in before another break-out
