Bitcoin stabilizes near the $29,500 level ahead of U.S. CPI report

While awaiting the release of the US CPI data, Bitcoin´s price stabilizes near the $29,500 level after a week in which the cryptocurrency reached the area of $30,000. A level that it has not managed to maintain since then.

According to analysts, the bullish party will not start until the cryptocurrency clearly surpasses the $29,700 area, something that, for the moment, is hard for Bitcoin to achieve. If it manages to, we will then be able discuss consolidation, analysts added.

Thereafter, however, the quintessential cryptocurrency could be facing a roadblock between the $30,800 and $31,000 zone.

"From a technical point of view, Bitcoin´s price could go for the support marked by the bullish main line in the $27,000 area. That would be an entry level for those who want to join. The good thing about this level lies in the proximity of the stop loss to be placed in that case," eToro pointed out.

In the experts at eToro´s opinion, if the price touches and rebounds from $27,000, "with oversold signals included and confirming the rebound, the bullish signal will be very strong and we will look for the key zone of $31,400 and $32,000. Prices above this reference would take us to the $38,000 direct level".

At this moment, some Wall Street analysts are beginning to view Bitcoin not as a risk asset, but as a safe haven asset along with gold and capable of increasing its value in the wave of uncertainty in the markets and, above all, during bank failures and lack of confidence in centralized institutions, XTB commented.

Meanwhile, there are analysts who believe that the Bitcoin´s price could suffer a "last big drop" in September, with a 50% chance of it falling below even $25,000. However, there are others who see it at the $100,000 level. That is, however, already on the distant horizon, by 2026.