The Impact of Consumer Price Index (CPI) Data on Bitcoin Price
The US Bureau of Labor Statistics is set to release the next CPI inflation data on August 10. This article explores the potential impact of this data release on the price of Bitcoin, based on historical trends and on-chain data.
Key Points:
- Bitcoin has often rallied when the markets anticipate a drop in CPI or a conservative hike.
- After the previous CPI data release on July 12, Bitcoin price gained 4% and reached a new 2023 peak.
- On-chain data suggests that crypto traders have been preparing for another wave of bullish price action after the August 10 release.
- The volume of BTC transactions has doubled in the days leading up to the CPI data release.
- Bitcoin investors have moved their coins off exchanges, indicating a potential bullish sentiment.
Hot Take:
Based on the historical trends and on-chain data, it is likely that the release of the CPI inflation data on August 10 will have a positive impact on the price of Bitcoin. The increase in BTC transaction volumes and the movement of coins off exchanges are indicators of growing market demand and a potential price increase in the coming days. If Bitcoin can break the $30,400 resistance level, it could potentially reach $32,000. However, if the price drops below $28,000, the bullish prediction may be invalidated.
By
By
By
By
By