The upcoming release of the Consumer Price Index (CPI) report has raised questions about its potential impact on the cryptocurrency market, particularly Bitcoin. The US core inflation rate, which excludes volatile food and energy prices, is the primary focus for economists, policymakers, and investors, as it has historically influenced the price of Bitcoin. If the inflation rate is higher than expected, it usually results in a stronger US dollar, which puts downward pressure on Bitcoin prices. Conversely, if the inflation rate is lower than expected, it can weaken the US dollar, which may drive an increase in Bitcoin prices. Today, US inflation data is set to be released, which could lead to a breakout from the current trading range of Bitcoin.
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