The text discusses the impact of the US core inflation rate announcement on the price of Bitcoin. Despite the inflation figures being lower than expected, Bitcoin is trading at daily lows in the $36,100 range. The article highlights the cooling off of the US economy, which reduces the need for the US Federal Reserve to raise interest rates. As a result, investors are betting on a potential cutting cycle by the Fed, leading to the dumping of the US Dollar Index and US government bond yields, while US stock prices are increasing. This macro backdrop is seen as favorable for Bitcoin's price. However, Bitcoin is slightly lower due to short-term speculators booking profits. The article also suggests that the bear market for Bitcoin is officially over, given its strong performance in 2023 and its adherence to its typical four-year cycle. The potential approval of spot ETFs for Bitcoin in the US and the expectation of easier financial conditions in the country further support the bullish outlook for Bitcoin. While short-term pullbacks are possible, bulls are expected to use them as buying opportunities, with a medium-term test of $48,000 being a strong possibility. Additionally, the text introduces a newly launched token called Bitcoin ETF Token, which offers potential short-term gains and DeFi attributes.
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