Bitcoin

<p>The post <a href="https://cryptosnewss.com/bitcoin-traders-brace-for-major-cpi-data-release/" rel="noopener noreferrer nofollow">Bitcoin Traders Brace for Major CPI Data Release - Will BTC Surge Again?</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">Cryptos Newss</a>.</p><p><a href="https://cryptosnewss.com/category/bitcoin-news/" rel="noopener noreferrer nofollow">Bitcoin</a> traders are closely watching the upcoming U.S. Consumer Price Index (CPI) data, with analysts predicting that a positive print could influence Bitcoin’s next price rise. The anticipation of this data comes amidst a backdrop of strong nonfarm payroll numbers and the &#34;Uptober&#34; narrative, which has helped buoy support for Bitcoin around the $60,000 mark.</p><h2 id="header-0">Key Points:</h2><ul><li><strong>CPI Data:</strong> The CPI data is a key economic indicator that measures the change in the price of goods and services. A higher-than-expected CPI figure often triggers bullish price movements in non-cyclical risk assets like Bitcoin.</li><li><strong>Market Estimates:</strong> Market estimates suggest that the CPI numbers will cool down to 0.1% in September, dropping from 0.2% in the previous month. Additionally, inflation is expected to stay around 2.3%, down from 2.5% in the previous month.</li><li><strong>Bitcoin’s Performance:</strong> Bitcoin has been performing well, hitting highs of $63,975 on Bitstamp recently. However, high leverage levels have made traders cautious about the sustainability of this upward trend.</li><li><strong>Onchain Data:</strong> Onchain data suggests that Bitcoin’s long-term holders are reducing risk this month, while short-term holders are under the microscope as leverage and open interest both rise precipitously.</li><li><strong>QCP Capital’s View:</strong> Digital assets firm QCP Capital has noted that the &#34;Uptober&#34; narrative has helped buoy support for Bitcoin at around $60,000. They believe that a positive CPI print could further boost Bitcoin’s price.</li></ul><h2 id="header-1">Market Outlook:</h2><p>The upcoming CPI data is expected to add bullish pressure to Bitcoin’s price action. A higher-than-expected inflation figure often suggests a higher inflationary economic environment than anticipated, which can lead to bullish price movements in Bitcoin. Traders are bracing for potential volatility and are closely monitoring the data to make informed trading decisions.</p><h2 id="header-2">Conclusion:</h2><p>Bitcoin traders are eagerly awaiting this week’s CPI data, with hopes that a positive print will drive the next price rise. The combination of strong nonfarm payroll numbers and the &#34;Uptober&#34; narrative has provided a supportive backdrop for Bitcoin, but the market remains cautious due to high leverage levels and potential volatility.</p><p></p><p>The post <a href="https://cryptosnewss.com/bitcoin-traders-brace-for-major-cpi-data-release/" rel="noopener noreferrer nofollow">Bitcoin Traders Brace for Major CPI Data Release - Will BTC Surge Again?</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">Cryptos Newss.</a></p>

Bitcoin Traders Brace for Major CPI Data Release - Will BTC Surge Again?

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