• The January 2023 Consumer Price Index (CPI) report is expected to be released on Thursday, January 12, 2023, at 8:30 am ET.
• On Sunday, Bitcoin surged but was unable to pass the $17,000 mark, and is currently trading in a confined range between $16,900 and $17,000.
• Analysts have expressed their excitement on Twitter when Bitcoin temporarily surpassed the $17k milestone, and have also highlighted the importance of next week’s CPI report.

The crypto market has been in a state of increased volatility recently, with the total market capitalization of all coins “bouncing quite much in different directions.” On Sunday, Bitcoin saw a surge in its price, however, it was unable to pass the $17,000 mark and is currently trading in a confined range between $16,900 and $17,000. This small uptick in price saw Bitcoin reach its highest price since December 20, 2022.

The surge in Bitcoin’s price has seen analysts express their excitement on Twitter. Crypto Kaleo wrote an optimistic tweet, noting that “finally looks like BTC is ready to break out of the $16K – $17K base range it’s been stuck in the past several weeks”. Rekt Capital also shared an optimistic outlook, writing that the “current #BTC price action will likely figure as an important cluster in the formation of the Bear Market bottom Accumulation Range.”

However, analyst Michael Van De Poppe has highlighted the importance of the upcoming Consumer Price Index (CPI) report, which is scheduled to be released on Thursday, January 12, 2023, at 8:30 am ET. Van De Poppe noted that the unemployment rate had just “went sub 50 for the first time since 2008 & COVID-19 pandemic”, and that the CPI report would be closely watched.

The CPI report will be closely watched by investors, as it will give an indication of inflation, a key indicator for the market. Analysts have speculated that if the CPI report is above expectations, it could result in a “wave of buying”, with Bitcoin and other altcoins seeing a surge in their prices. On the other hand, if the report is below expectations, it could result in a “wave of selling”, with Bitcoin and other altcoins seeing a drop in their prices.

With the CPI report due to be released this week, the cryptocurrency market will be closely watching to see the impact it will have on the market. While analysts are optimistic that the report will be positive, only time will tell what effect it will have on Bitcoin and other altcoins.

Kommentare geschlossen