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February 28, 2024
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Calm Before the Storm; Bitcoin’s Big Move is Loading! How Will CPI Impact the BTC Price?

The post Calm Before the Storm; Bitcoin’s Big Move is Loading! How Will CPI Impact the BTC Price? appeared first on Coinpedia Fintech News

The crypto markets have been consolidating within a narrow range since the past weekend, as the majority of the cryptos are trading sideways. Meanwhile, the Bitcoin price trades around $30,500, where it has remained stuck for a couple of weeks. As the range in which the price trades remains largely unchanged, the possibility of a bullish breakout appears imminent.  

Although the price continues to trade within a small margin, the traders appear to be extremely confident in the long-term prospects of the token. The investors have been constantly accumulating the tokens. As per the data from a popular on-chain platform, Glassnode, the traders accumulated an average of 27.1K BTC/ per month.

The above chart indicates that investors hold acute confidence in the upcoming BTC rally. Now that the BTC halving is around 200 days away, traders have begun to prepare for the post-halving rally. As seen in the past, the BTC price triggered a huge upswing and soared heavily, by more than 300% to 400%, to form a new ATH in the next 12 to 15 months. 

Therefore, now that the price is stuck in a narrow range, it may be a good time to accumulate. On the other hand, the traders appear to be making a profit on their BTC holdings; the supply of profit is increasing while the supply of loss is depleting rapidly. 

Presently, Bitcoin and the majority of the altcoins are chopping around without displaying any possibility of giant price action. Besides, the fresh CPI report is scheduled to be released on Wednesday, July 12, 2023, wherein another hike of 25 bps is expected. Therefore, until the CPI rates are out, the BTC price is believed to trade within the same margin without any major price actions.

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