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.

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