Bitcoin Price Prediction: With CPI Data Set To Influence BTC, Experts Say Consider This Crypto Wallet ICO Flagging Red Hot Tokens
The Bitcoin price rose 1.8% in the last 24 hours to trade at $97,527 as of 02:42 a.m. EST on trading volume that plunged 35% to $48.3 billion. This slight uptick in the BTC price comes as attention turns to the upcoming US inflation data, likely influencing the inflation trajectory and Fed rate cuts. Yesterday, the PPI data rose 3.3%, below economists’ expectations of a 3.5% increase. Meanwhile, CPI is expected to show inflation ticking higher to 2.9%, further from the Fed’s 2% target. Hot inflation would dampen Fed rate-cut expectations, which could result in the Bitcoin price coming under pressure again. Bitcoin Price Showing Signs Of A Bullish Rally The BTC price Analysis on the daily chart shows an uptrend with clear consolidation near the $97,000 level. Price action has recently retreated from the $100,000 psychological resistance, forming a rectangular consolidation pattern, according to GeckoTerminal data . This indicates indecision in the market, with bu...