According to prominent industry experts, the CPI for December is anticipated to show annual inflation at 6.5-6.6%, which would be a decrease from November’s reading of 7.1%. This data is seen as a significant marker for investors attempting to figure out the next market movements. In a telecasted interview on CNBC, Gilman Hill’s Jenny Harrington predicted a CPI of 6.6% which she thought to “make sense”.
The Bitcoin (BTC) price made a fleeting but encouraging return to $17,500 overnight on January 11 as the newly found strength from the beginning of 2023 persisted. However, if Bitcoin’s change in price can be extracted from the most recent six CPI readings, it provides us with a clearer picture of how the market has reacted to the global macroeconomic data.
The price of Bitcoin has, more often than not, strongly reacted to the CPI readings; with the strongest reaction being a drop of over 10% reported on the CPI announcement made in September. Despite this, throughout the course of the past three months, BTC has displayed a generally bullish momentum on latest CPI readings.
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