This data tonight is particularly important and will have an impact on the market next month! ! !
Let's take a look at the issues that everyone is more concerned about:
Will the price of Bitcoin fluctuate with the release of CPI?
Bitcoin is currently experiencing a short-term bullish relief, replicating historical patterns. With less than 24 hours until the release of new inflation data, these upcoming information may have a significant impact on the market in the short term.
Upcoming inflation data:
In less than 24 hours, the United States will release new inflation data, specifically the Consumer Price Index (CPI) inflation rate. Bitcoin's short-term price movement is closely related to the upcoming inflation data. It is expected that there may be fluctuations based on the CPI release.
Market expectations:
The market expects the CPI inflation rate to be around 2.9% year-on-year, with Trading Economics predicting slightly higher to 3.0%.
2.9% CPI inflation (expected): This is considered neutral to the market because it is in line with current expectations and has been factored into market prices.
CPI inflation rate below 2.9%: If inflation is below 2.9%, this will be bullish for Bitcoin and could lead to a slight increase in price.
CPI inflation above 2.9%: If inflation is above 2.9%, such as 3% or above, it will be a bearish sign and could lead to a short-term price drop.
Bitcoin Price Analysis:
The current price action is similar to March 2020, with a bullish relief pattern followed by a short-term pullback. If this historical trend continues, we may see a slight bullish move in the short term, but the overall price action is likely to remain neutral.
The Bitcoin RSI is at a neutral level of about 50, indicating no significant buying or selling pressure. Bitcoin is approaching the $61,000 level. If this level can hold support, a break above $61,000 could be bullish, but resistance levels remain strong at $63,000 and between $67,000 and $68,300.
Support amount: $60,000, plus support amounts of $57,500 and $56,000 to $57,000.
Resistance: $61,000 (short-term), $63,000 (strong), $67,000 to $68,300
The current market is very similar to the 19-year trend, so you can make a layout
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