HomeNewsEager Anticipation: Will US CPI Announcements Propel Bitcoin Higher?

Eager Anticipation: Will US CPI Announcements Propel Bitcoin Higher?

- Advertisement -
  • Bitcoin remains steadfast around the significant $30,000 mark, while Ethereum shows resilience at its key uptrend support line.
  • Financial experts debate the potential influence of CPI data on the crypto world, as inflation forecasts indicate a rise.

Bitcoin’s Stance: Strong and Unyielding

Despite some recent volatility, Bitcoin (BTC/USD) has impressively retained its footing, closely skirting the notable $30,000 benchmark. Delving into the daily charts, this cryptocurrency has solidly upheld its support near the 28,500 mark, mirroring the 89-day moving average and the lower boundary of the daily Ichimoku cloud. Interestingly, the observed dip in realized volatility hasn’t disrupted the bullish pattern formed late the previous year. Analytical eyes are now drawn to a potent resistance point at approximately $31,000, a peak reached in April. If Bitcoin can hurdle this barrier, it might very well signal a waning of the bearish influence from 2021 and potentially unlock the path to $40,000.

Ethereum’s Current Trajectory: Navigating Trendline Support

Ethereum, post its remarkable ascent since June’s end, has seen a slight deceleration. Yet, the digital coin remains robust, seeking support from significant technical levels including the 200-day moving average. The ongoing trend since 2022’s end still points north, fortified by the substantial support at June’s lowest of 1620. On its upward journey, Ethereum must navigate the pivotal barriers formed by May and July peaks, resting between 2020 and 2030.

Anticipating the CPI Ripple Effect on Digital Assets

- Advertisement -

Today’s unveiling of the Consumer Price Index (CPI) data is an event of magnified significance to the cryptocurrency arena. Traditional financial sectors, alongside central banks, are watching intently for potential inflationary indications. Current projections suggest a slight 0.2% month-over-month increase in both core and headline indices for the July CPI data.

Market forecasts, such as those from the Cleveland Fed, predict a gradual inflation climb, moving from June’s 3.0% to 3.4% in July and possibly 4.1% by August. It’s vital to note that such predictions have historically guided numerous investment strategies. Adding to this narrative, JP Morgan’s insights also hint at a rising trend in the US CPI across the coming months.

>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with BTC now. Visit Website <<

- Advertisement -

However, Fundstrat Global Advisors presents an alternative viewpoint. Their detailed analysis postulates a potential undershoot in the widely accepted CPI projections. The researchers spotlight the dominant role of used cars and housing sectors in dictating inflation rates. If the cooling trends in these areas persist, they could very well moderate the overarching inflation scenario. Consequently, should the CPI data align with Fundstrat’s anticipations, it might tilt the Federal Reserve towards a more dovish stance, possibly amplifying the attractiveness of digital assets like Bitcoin and Ethereum.

As the crypto community waits with bated breath, the imminence of rapid price shifts in the cryptocurrency market looms, especially around Bitcoin’s $29,000 to $30,000 range.


Best Crypto Exchange for Everyone:

  • Invest in Bitcoin (BTC) and 70+ cryptocurrencies and 3,000+ other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
- Advertisment -spot_img