Crucial Week For Crypto Market To Confirm Bullish Or Bearish Trend For The Year
The crypto market enters a crucial week as the U.S. releases the CPI and PPI inflation data this week, making it straightforward for the FOMC members for another “pause” to interest rate hikes. It will rebound Bitcoin and Ethereum prices from the bottom, bringing market-wide recovery and confirming a bullish outlook for the rest of the year.
The market expects annual CPI to come in at 3.6%, higher than July’s CPI of 3.2%. Also, the core annual CPI for August cooling to 4.3% against 4.7% in July. The market forecasts monthly core PPI data to again cool to 0.2%.
The U.S. Federal Reserve is likely done with rate hikes as the jobs market cools and the unemployment rate climbed last month. Traders now await the CPI data this week to confirm the market direction, while they take caution during September, a historically worst month for markets.
CME FedWatch Tool shows a 93% probability of announcing a pause at the next FOMC meeting on September 20. Wall Street analysts also believe a possible rate hike at the end of the year. Meanwhile, the US dollar index (DXY) still remains higher above 104.50, risking BTC price to continue under pressure.
In addition, the European Central Bank will announce its interest rate hike decision on Thursday. The forecast is for a pause amid continuous rate hikes since last year.
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Crypto Market: Bitcoin and Ethereum Prices Under Pressure
The crypto market action is dull amid a rise in DXY and the delay in the SEC’s decision on spot Bitcoin ETFs. While traditional market participants are pressuring the U.S. SEC to approve a Bitcoin ETF.
BTC price trading sideways in the last 24 hours and last week, with the price currently trading at $25,862. However, trading volume has increased in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, ETH price fell 1% in the last 24 hours and nearly 2% in the last week. The price trades at $1615, with a 24-hour high of $1627. However, trading volume has increased by 85% in the last 24 hours.
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