Bitcoin News: Inflation Data and Predictions
The annual Consumer Price Index (CPI) inflation for June 2023 has cooled down, leading financial markets to anticipate similar numbers for July 2023. It is expected that the core CPI inflation will remain in line with the US Federal Reserve’s expectations, potentially leading to the central bank maintaining the existing target rate or lowering rates in the future.
Key Points:
- Financial markets expect July inflation data to be in line with June’s numbers.
- The US Federal Reserve may maintain the existing target rate or consider lowering rates.
- 86% of respondents predict the Federal target rate will remain steady at the upcoming FOMC meeting in September 2023.
- Bitcoin price is trading just below $30,000 ahead of the July inflation data release.
- Bitcoin’s 50-day simple moving average has been a reliable floor for the asset in 2023.
Bitcoin To Regain Key Average Metric?
According to Steven Ehrlich, the Director of Research at Forbes Crypto, Bitcoin is likely to match the 200-day simple moving average (SMA) in the near future. The cryptocurrency has maintained the 50-day SMA in recent weeks and is expected to regain the 200-day average soon. Additionally, the upcoming CPI data release has historically influenced Bitcoin’s upward trajectory.
Key Points:
- Bitcoin is expected to match the 200-day SMA.
- The CPI data release has historically affected Bitcoin’s trajectory.
- Bitcoin could witness a bullish breakout due to spot ETF filings and deadlines.
Hot Take:
The upcoming inflation data and the potential for Bitcoin to regain its key average metric are significant factors to watch for in the cryptocurrency market. If Bitcoin does match the 200-day SMA and the CPI data remains in line with expectations, it could lead to increased confidence and potential growth for Bitcoin investors.
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