Bitcoin, the major cryptocurrency, approached $106,000 yesterday after measures taken by the two countries in the US-China trade war yesterday.
However, BTC later retreated and fell to $101,000. Bitcoin was recovered to $103,000 in the day, but key inflation data was released today, with the Fed focusing on its interest rate decisions.
Here is the data disclosed:
Consumer Price Index Year: Announcement 2.3% – Forecast 2.4% – Previous 2.4%
Monthly Consumer Price Index: Announcement 0.2% – Forecast 0.3% – Previous – 0.1%
Core Consumer Price Index Year: Announcement 2.8% – Forecast 2.8% – Previous 2.8%
Core Consumer Price Index Monthly: Announcement 0.2% – Expected 0.3% – Previous 0.1%
The consumer price index is an important variable used to measure consumer purchasing trends and changes in inflation in the US. Along with data from March, US Core CPI inflation fell below 3.0% for the first time since March 2021, according to a post by Kobeissi Letter.
The first reaction of Bitcoin after CPI data!
*This is not investment advice.
