Crypto Market Awaits Bitcoin Bull Run With April US CPI Data
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
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.
#CPI reaction expectations by JPMORGAN
Thanks for the hint dear @MikybullCrypto 😎👍
Tell me what you expect dear #Bitcoin and #Crypto Nation👀 pic.twitter.com/5sgATknDSx
— Crypto4Every₿ody (@steko170981) May 10, 2023
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
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit
- Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
