US Bureau of Labor Statistics to Release US CPI Data for August 2023
The US Bureau of Labor Statistics is scheduled to release the US Consumer Price Index (CPI) data for the month of August 2023 on September 13. This data is important as it has historically influenced the price of Bitcoin. The CPI measures the change in prices over time and specifically looks at the price paid by urban consumers for a basket of goods and services on a monthly basis.
Financial Markets Anticipate the US Federal Reserve’s Stance
The financial markets are eagerly awaiting the release of the August CPI data to assess the upcoming decision of the US Federal Reserve during the Federal Open Market Committee (FOMC) meeting on September 19-20, 2023. The expectation is that the central bank will maintain its stance of keeping interest rates high due to strong economic data. The CPI data from July showed a 0.2% increase and a 3.2% increase over the last 12 months.
Possible Impact on Bitcoin Price
If the CPI data for August aligns with market expectations, it could potentially trigger a rally in the price of Bitcoin. Currently, the CME FedWatch Tool indicates a high likelihood of interest rates remaining steady in September. It remains to be seen if Bitcoin will break its resistance level at $28,168 following the CPI data release.
Hot Take: Bitcoin Price Awaits CPI Data Release
All eyes are on the upcoming release of the US CPI data for August 2023. Investors and Bitcoin enthusiasts are eagerly anticipating the impact this data will have on the price of the cryptocurrency. With a potential rally on the horizon, the market is keeping a close watch on the US Federal Reserve’s decision during the FOMC meeting. If the CPI data aligns with expectations, it could provide a boost for Bitcoin. However, only time will tell if BTC can break through its resistance level and continue its upward momentum.
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