Today, critical US inflation data, important for Federal Reserve's interest rate decisions, will be announced. Analysts discuss its significance for the cryptocurrency market.
Expectations from CPI Data
The Federal Reserve paused interest rate cuts in January, extending expectations to June. Today's Consumer Price Index (CPI) data holds critical importance. If it is below expectations, it could positively impact Bitcoin.
Markus Thielen's Opinion
10X Research founder Markus Thielen, known for his successful predictions, stated that Bitcoin could rise if US CPI data comes in below the expected 2.9%. In his recent report, he noted that a CPI surprise to 2.7% or 2.8% could trigger a relief rally.
Current State of Bitcoin
At the time of writing, Bitcoin is trading at $95,880. The cryptocurrency's further movement will depend on today's announced inflation data.
The market awaits US inflation data that could impact Bitcoin's price. Experts predict a positive movement if the CPI falls below expectations.
