🔥 Today's US Consumer Price Index (CPI) release at 8:30 am ET could sway Bitcoin prices significantly. Analysts anticipate a slight slowdown in inflation for April after three months of surges, potentially impacting monetary policies and financial markets.
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- Year-on-Year Increase: Estimated at 3.4%, down from March's 3.5%.
- Month-to-Month Increase: Projected at 0.3%, a decrease from the previous 0.4%.
- Core CPI (excluding food and energy): Expected to drop to 3.6% year-on-year, with a monthly increase slowing to 0.3%.
Goldman Sachs economists forecast a gradual decline in core CPI to stabilize around 3.5% by year-end, with core Personal Consumption Expenditures (PCE) inflation at 2.7% by December 2024.
Market dynamics could be significantly impacted by today's CPI and Producer Price Index (PPI) releases, with potential for heightened volatility according to crypto analyst Ted .
BTC's Response?
Bitcoin and the crypto market's sensitivity to inflation figures and Federal Reserve policies could see a boost if inflation slows as anticipated. Analyst Ted suggests softer inflation data could favor Bitcoin prices and set the stage for its next major move.
