Bitcoin awaits critical US CPI data for jump over $120,000 or decline to $100,000
Bitcoin's trajectory hinges on the upcoming US CPI data, potentially leading to a rally above $120,000 or a drop toward $100,000.Summary
Bitcoin is anticipating the release of the September US Consumer Price Index (CPI) data on October 24th, which is crucial as it is the only major inflation gauge available before the Federal Reserve's October 29th meeting due to the federal shutdown. Analysts expect September's inflation to rise slightly to 3.1%, with core prices remaining steady. A softer CPI reading is anticipated to weaken the dollar and favor risk assets like Bitcoin, potentially pushing it toward the $117,000-$120,000 range, especially if it renews ETF inflows. Conversely, a hotter-than-expected report could strengthen the dollar, increase Treasury yields, and cause Bitcoin to correct toward $100,000 as capital shifts to safer assets. Market volatility is expected, and traders are advised to monitor real-time movements in US yields and the dollar following the release.
(Source：CryptoSlate)