The fresh CPI rates are out! The new rates have emerged as expected at 6% which kicked off the BTC price rally beyond $26,000. The bulls appear to be exhausted a bit as the prices are consolidating just below the yearly highs. But will the price continue to swing high or it is just a CPI impact that could fade in a short while from now? Let’s explore:
The crypto market was expected to remain highly volatile as the CPI rates along with other events were about to occur. Hence, the star crypto which began to spike at the beginning of the week marked a new yearly ATH. With the announcement of the fresh CPI rates at 6%, compared to the previous 6.4% which has dropped from a record high of 9.1%
Is this the beginning of the bull market?
CPI measures the change in the consumer prices of goods and services which is calculated by the Bureau of Labor Statistics and is used as an inflation indicator. It reflects the spending patterns of the people and is used to adjust the wages, benefits, and social payments for inflation, measure economic performance & set monetary policy.
The crypto market responded positively to the release of fresh CPI rates, which was under a bullish influence since the past weekend. The global crypto market cap surged beyond $1.13 trillion recording a giant jump of 6.96%.
Presently, Bitcoin is expected to maintain a strong upswing and is believed to hover within an ascending consolidation. However, the dominance of bears may not be confirmed until the price corrects and drops between $24,800 to $24,900 as said by a popular analyst Micheal van de Poppe.
The analyst believes the best BTC buying option could be around $23,300 and signals the bottom of the probable correction. Therefore, a clear path toward $30,000 is widely visible with fewer barriers that may be cleared on its way.