Recent US Consumer Price Index (CPI) data triggered volatility in Bitcoin markets, leading to differing forecasts among traders.
Impact of CPI Data on Bitcoin Price
The release of CPI data caused sharp price fluctuations for Bitcoin. Many traders are examining the possibility of a move toward the $115K mark, although opinions are divided on maintaining this momentum. Following the data, Bitcoin experienced a slight price drop, with traders evaluating whether it can continue to rise or will face a decline post-announcement.
Experts' Opinions on Bitcoin's Future
Experts and traders like BitBull are keenly discussing predictions for Bitcoin. They highlight that a significant level for Bitcoin is now at $113.5K, which is viewed as support. BitBull stated: >CITE_W_A: 'BTC has reclaimed a very crucial level... Next key level for Bitcoin is to reclaim $117K, and a new ATH will be confirmed.' Experts also warn of potential risks of a downturn following the CPI release.
Altcoin Market and Its Connection to Bitcoin
Altcoins such as Solana, XRP, and Dogecoin are also showing moderate gains. This indicates a rotational flow of capital as traders reassess their positions. However, the volatility of Bitcoin continues to impact various aspects of the market, including altcoins.
CPI data has significantly impacted Bitcoin, sparking active discussions among traders. Nonetheless, risks of a downturn remain, and the market continues to be under pressure from uncertainty.
