US CPI Data Release: How Will Bitcoin Price React?

Also Read: XRP Lawsuit: John Deaton Bets Against Summary Judgment Overturning

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Meanwhile, the CME FedWatchTool shows that as many as 86% of respondents predict a likelihood of the Fed keeping the Federal target rate steady at the upcoming Federal Open Market Committee (FOMC) meeting in September 2023. Ahead of the July inflation data release by the U.S. Bureau of Labor Statistics on Thursday, August 9, 2023, the Bitcoin price is trading just shy of the $30,000 mark.

Bitcoin To Regain Key Average Metric?

According to Steven Ehrlich, the Director of Research at Forbes Crypto, the Bitcoin price is set to match the 200-day simple moving average (SMA), which is currently on the upside for the top cryptocurrency. Having maintaining the 50 day SMA in recent weeks, BTC is likely to regain the 200 day average in the days to come, he suggested. Interestingly, the CPI data release is upcoming and has history of spurring upward path in Bitcoin trajectory.

Bitcoin

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“Bitcoin’s 50-day simple moving average has been a reliable floor for the asset so far in 2023. It also appears poised to regain its 200-day SMA as the Crypto Market gets ready for its July inflation print.”

Earlier, CoinGape reported a recent quote from Bloomberg report that said Bitcoin could soon witness a bullish breakout amid the spot ETF filings and the deadlines.

Also Read: Microsoft Partners With Aptos Labs For AI And Web3 Fusion, APT Token Spikes 18%

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