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Upcoming CPI Data Could Push BTC to $26,300, Warns Traders

Published 05/10/2023, 05:37 AM
Updated 05/10/2023, 06:00 AM
© Reuters. Upcoming CPI Data Could Push BTC to $26,300, Warns Traders

  • CryptoBusy, a crypto trading page, warned other crypto traders to brace for today’s CPI data.
  • According to them, BTC will either crash below $27K today or rally for the next few weeks.
  • BTC was trading at $27,619.93 following a 24-hour gain of 0.19% gain.

The crypto trading and analysis page CryptoBusy forecasted volatility for Bitcoin (BTC) in the next few days, given the U.S. Consumer Price Index (CPI) data which will be released later today. In the post, the traders predicted that this May could be a bearish month for BTC as a result of the CPI data and lead to the market leader’s price breaking down below the $27K mark.

CryptoBusy also included a tweet of theirs that was made on Monday in today’s post. In the previous tweet, they stated that $27K was a critical support level, and that BTC’s price breaking below this support level would cause BTC to drop down to $26.3K.

The CPI data being released today will also serve as confirmation as to whether the Fed will pause interest rate hikes for June 2023 or not. Should this happen, it could lead to a potential BTC rally. Therefore, traders and investors are putting more weight on today’s upcoming CPI announcement than the ones that came before it.

At press time, CoinMarketCap indicated that BTC was trading at $27,619.93. This was after the crypto market leader printed a 0.19% gain in the previous 24 hours. BTC was, however, able to strengthen against Ethereum (ETH) during this period. As a result, BTC was up 0.08% against ETH and 1 BTC was worth 15 ETH.

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4-hour chart for BTC/USDT (Source: TradingView)

BTC’s price has consolidated between $27,260 and $27,800 for the past 2 days, as traders and investors await today’s CPI announcement. It was, however, trying to break out of this channel and challenge the 9 EMA line, which was acting as a resistance level.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Upcoming CPI Data Could Push BTC to $26,300, Warns Traders appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Always the opposite
This is designed to sell a false narrative. The Fed said they will NOT cut rates. They already said they will take a wait and see attitude on June and will not raise unless data says they must raise. The market has not only already priced in the pause, but they are also actually pricing in a rate cut later this year, which the Fed specifically said will not happen. Methinks that some on Wall Street might not be as straight shooting as they ought to be.
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