Authorities in the US will release the July CPI data in the current week, which could be a heavy trigger for the crypto market moving through a rally.
Markets worldwide have been gearing up for the release of the July CPI data of the US for July. The Consumer Price Index (CPI) data, which indicates the level of inflation, has considerably influenced markets in history.
Meanwhile, the crypto market is all calm, with Bitcoin strongly maintaining its market capitalization. Bears in crypto seem to have been unable to deter Bitcoin from its trading range.
BTC’s price action has also been in the same trading range. It has seen a stiff wall ahead of its movement that has been blocking the $29500 resistance. Macroeconomic indicators look stable for the global economy, but the inflation data could steer it either way.
The crypto market’s growth chart can also be predicted only after the release of the data.
Analysts are optimistic, as tighter interest rates could have a lasting impact on inflation. Since the Fed increased interest to record levels in recent months, inflation could reduce considerably in this month’s report. Moreover, lower inflation could make the central bank stop hikes. It could give rise to higher liquidity in the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29100 on August 8, 2023, with BTC/USD going up by 0.4% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (29,605.75) as BTC’s 24-hour volume increased to around $13 billion. Bitcoin has seen around 75.93% returns on a year-to-date basis.