Crypto Market Awaits Bitcoin Bull Run With April US CPI Data

Anvesh Reddy
May 10, 2023 Updated July 16, 2024
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bitcoin cpi inflation

Crypto Market News: Ahead of the Consumer Price Index (CPI) data for April 2023 by the US Bureau of Labor Statistics, US stock futures dropped slightly. This data is crucial for the markets as it could act as a catalyst to the US Federal Reserve‘s shift in stance on target rate hike, amid expectations that the upcoming Federal Open Market Committee (FOMC) meeting in June 2023 would see a pause in rate hikes. Also, the inflation data would shed light on whether the ongoing rate hikes are proving to be appropriate or not.

Also Read: Why Didn’t Ripple Register XRP With US SEC? Brad Garlinghouse Replies

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Bitcoin Bullish Momentum?

Meanwhile, economists expect that the headline consumer price index will maintain an annual 5%, as per Reuters. If this goes on to be the case, JP Morgan analysts expect that the S&P 500 Index will show a jump of 0.5 to 0.75%. Overall, it could be a bullish case for Bitcoin price owing to the direct correlation with the tech stocks. Also, the CME FedWatch tool shows that the US Federal Reserve cuts interest rate, based on the rate futures.

Ahead of the CPI data release, Bitcoin price showed almost zero deviation from 24 hours ago. Earlier, CoinGape reported that BTC found support at $27000 level, while the next resistance could be around $31200 and $34600.

Also Read: Gemini Lists PEPE Meme Coin After Binance, Analyst Predicts Major Price Rally

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.