Bitcoin News: With the annual Consumer Price Index (CPI) inflation for June 2023 cooling down, the financial markets are expecting similar numbers in the inflation data for the month of July 2023. It is expected that the core CPI inflation will remain at levels that are in line with the US Federal Reserve‘s expectations. This could mean that the central bank could likely look at maintaining the existing target rate or take a pivot to lowering the rates sometime in the coming months.
Also Read: XRP Lawsuit: John Deaton Bets Against Summary Judgment Overturning
Meanwhile, the CME FedWatchTool shows that as many as 86% of respondents predict a likelihood of the Fed keeping the Federal target rate steady at the upcoming Federal Open Market Committee (FOMC) meeting in September 2023. Ahead of the July inflation data release by the U.S. Bureau of Labor Statistics on Thursday, August 9, 2023, the Bitcoin price is trading just shy of the $30,000 mark.
According to Steven Ehrlich, the Director of Research at Forbes Crypto, the Bitcoin price is set to match the 200-day simple moving average (SMA), which is currently on the upside for the top cryptocurrency. Having maintaining the 50 day SMA in recent weeks, BTC is likely to regain the 200 day average in the days to come, he suggested. Interestingly, the CPI data release is upcoming and has history of spurring upward path in Bitcoin trajectory.
“Bitcoin’s 50-day simple moving average has been a reliable floor for the asset so far in 2023. It also appears poised to regain its 200-day SMA as the crypto market gets ready for its July inflation print.”
Earlier, CoinGape reported a recent quote from Bloomberg report that said Bitcoin could soon witness a bullish breakout amid the spot ETF filings and the deadlines.
Also Read: Microsoft Partners With Aptos Labs For AI And Web3 Fusion, APT Token Spikes 18%
Standard Chartered believes Bitcoin (BTC) could reach a record high by the end of 2025.…
Walmart's OnePay App is the latest company to jump on the crypto wave, with plans…
Tech giant Samsung has partnered with Coinbase to offer crypto services to its 75 million…
Bitget has announced support for UNICEF’s first global Game Jam, a 40-day virtual hackathon across…
The crypto market is seeing renewed bullish momentum to begin the fourth quarter of this…
Bitcoin ETF products recorded more than $2.2 billion in weekly inflows, building on the momentum…