CandleFocus Bitcoin Traders Are Eyeing This Week’s CPI Data. Here’s Why
2024-10-08
Author: Content Editor
The "Uptober" narrative and strong nonfarm payroll numbers have supported Bitcoin's price at around $60,000, according to QCP Capital. Bitcoin briefly touched $64,000 before dipping 2% to $62,570, while Ethereum slipped 3% to $2,432. The upcoming US Consumer Price Index (CPI) data is being closely watched, as it could impact the Federal Reserve's decisions on interest rates, which in turn affects investor sentiment towards Bitcoin. Positive CPI results could lead to price increases, while higher-than-expected inflation data might have a negative impact on Bitcoin's price. Overall, the anticipation of the CPI data has already influenced Bitcoin's rebound and potential rally.
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