Mixed Signal Expected Ahead of CPI
Bitcoin price braces for the US inflation data as the surging heat around the CPI rates have halted the rally but increased the volatility. The markets surged nominally ahead of the announcement which resembles a similar movement ahead of the revelation of the previous inflation rate.
However, a popular analyst, Dan CryptoTrades, may have a mixed reaction in the crypto markets in the form of potentially lowering CPI rates.
The analyst believes that the signals may remain neutral currently as the markets may require time to digest and analyse the impact of new figures. While the CPI could come down year over year, the core may remain elevated as it consists of food & energy prices into account.
Dan Trades also highlighted the trends in the recent past as the market tends to move rates of any kind which is usually limited to the short term. As a big blow is followed by the bounce and the highs are carried forward for a few more months.
No a Good Time to Trade
The US CPI rates could be out any moment from now and hence the markets are becoming pretty much volatile. The Bitcoin price has been varying by more than 5% since the early trading hours with an acute buying pressure pushing the price higher. While the BTC price marked the lowest level at around $22,600, also smashed the daily highs above $23,700.
Therefore, in the absence of a bull market, large margins above $1000 are very unusual. Hence, another analyst, John Wick advised his 93.7K followers to stay away from any type of trading today.
He also said to let off the positions and allow the markets to settle indicating the possibility of huge price variations. Collectively, US CPI numbers could be yet another attempt to disturb the crypto space. But with the markets could be stabilized very soon with the new CPI print rolling out soon!
