Following the release of the Consumer Price Index (CPI) data, Bitcoin (BTC) rose above the $57,000 mark, showing strong demand and bullish sentiment.
Bitcoin Rises After CPI Data
The probability of a 25 basis point Federal Reserve rate cut jumped to 85% following the latest U.S. Consumer Price Index (CPI) data, which showed a slight uptick in core CPI to 0.3%. This news propelled Bitcoin (BTC) back above the $57,000 mark, signaling strong demand and growing bullish sentiment. Increased interest in Bitcoin call options with October to December expiries further reflects traders’ optimism for the coming months.
Bitcoin Volatility Declines
Bitcoin’s liquidity saw a 12-point drop this week, triggered by the CPI release and the U.S. presidential debate. With no major monetary events expected before next week’s Federal Open Market Committee (FOMC) meeting, a further decline in price volatility is anticipated.
Market Expectations
Despite this lull, market demand is building in anticipation of the upcoming events.
Bitcoin’s rise above $57,000 showcases strong market sentiment amidst the CPI data release and expectations of a Federal Reserve rate cut.
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