Bitcoin bounces to $115,000 on dip buying

Bitcoin and major altcoins are recovering from last week’s macroeconomic downturn as investors return to the market.

In the last 24 hours Bitcoin rose 1,22% to $114,738. Major altcoins saw similar price swings on Sunday. Ether rose 3,12% to $3549, XRP — by 6,32% to $3, and Solana — by 1,66% to $163,69.

After a slide triggered by last week’s macroeconomic data, investors and institutions began buying on the dip, analysts said.

Whenever there is a downturn, it is short-lived because buyers are quick to come into the market to take advantage of opportunities… Obviously, it is the long-term investors and institutional investors who are doing this,” said BTSE Chief Operating Officer Jeff May.

 

Given the recent surge in interest from crypto asset management companies to buy assets, as well as the launch of crypto services and partnerships with TradFi institutions, we expect monthly Bitcoin closes to continue will grow.

Investors now look ahead to the release of the consumer price index (CPI) for July, due on August 12. This key measure of inflation should influence the decision on the next interest rate level.

The U.S. Federal Reserve left interest rates unchanged at its latest Federal Open Market Committee meeting on July 29 and 30. Fed Chairman Jerome Powell said a rate cut in September may not be as likely as expected.

However, CME Group’s FedWatch tool points to an 80,8% chance of a 0,25% decline to 4,00-4,25% at the next meeting on Sept. 17.

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