📢📢 CPI Data Is Out And The Market Got Some Relief 📈
Again my deepest condolences for those who were over confident of negative data release and expecting Bitcoin to plummet to $53,000. 😅
📊 The report notes that the inflation rate for April eased to 3.4%, which was in line with economist expectations.
The past three CPI releases have been surprisingly hot and caused investors to pull back expectations for interest-rate-cuts.
WSJ (Wallet street Journal) noted recently that Karim Chedid, investment strategist at BlackRock said earlier that they are seeing inflation volatility remaining and their base case is that higher for longer was still a theme for rates.
The PPI index, out the other day, rose more than expected in April.
🔔 This news has certainly given the reason to cheer for the market, but the volatility in Bitcoin cannot be discarded and it should prevail for some time.
As of now traders will be happy as some upside gains are on the way to be captured.