Bitcoin : CPI Data Could Move The Narrative For Crypto

Expert in the cryptocurrency market CrypNuevo recently went to X (formerly Twitter) to discuss their predictions for the future of the Bitcoin price. According to CrypNuevo, who is citing the forthcoming CPI data set to be reported on Thursday, July 11, a rate decrease may be on the horizon.

The Federal Reserve may decide to drop interest rates immediately or at least reduce them further in the future if inflation data comes in lower than predicted. As has always been the case, a decrease in interest rates would undoubtedly boost the price of Bitcoin.

"I think we would see prices going up aggressively in that case," the expert added, predicting that the cryptocurrency market would react positively to a rate decrease or an impending announcement of one. "I don't discount the possibility that a positive CPI on Thursday will signal a reversal on that day, as the market often prices in future moves by the FED," CrypNuevo elaborates.

Is the Bearish Trend in Bitcoin Going to Last?

Using the Bitcoin 1-Day chart, which displayed an unusual wick that the analysis anticipates being filled, the crypto analyst conducted the study. Even while the analyst still doesn't think the price action is done, this wick—which happened at $53,400 in early July before the market recovery—has not yet been resolved. First, the analyst anticipates that the wick will be filled to the top by the end of the day, which occurred over the weekend when the price dropped to $54,000.

The crypto specialist is of the opinion that the Bitcoin price would remain at $51,700 under these conditions. If the bulls can hold here, then this is the next level of support for them. After a rebound, the price may go toward $60,000, but the analyst still sees that level as Bitcoin's barrier.

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