On Bitstamp, a cryptocurrency exchange, bitcoin was trading at $23,887 this morning. On Monday, the cryptocurrency had gained more than two percent in value and had traded above $24,200 at times.
Bitcoin’s price rise has recently lost momentum, commented analyst Craig Erlam from trading house Oanda on the recent movement. After a massive price slump in the spring and falling to just under $17,600 in June, the price has since tended to recover.
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Analyst Erlam sees strong resistance at $25,000 for bitcoin price. In his estimation, important economic data could set the crypto currency in motion again. He referred to price data from the US, which is scheduled for Wednesday and which the financial markets are eagerly awaiting.
The market is expecting US inflation to have moderated somewhat in July after hitting a more than 40-year high of 9.1 percent in June. The market expectation for the inflation rate is 8.7 percent. If inflation softened surprisingly in July, it could push bitcoin above $25,000, Erlam said. After overcoming the resistance mark, a further price increase in regions between 28,000 and 32,000 dollars would then be possible.
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FRANKFURT (dpa-AFX)
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