The economic calendar for the week is set as multiple events may knock in disturbing the entire crypto space. The Bitcoin price which dropped below $22,000 a few days ago, is unable to make it above the levels However, the much-expected US CPI report is expected to roll out in the short while which may impact the entire crypto space soon.
The impending week is expected to be extremely crucial for the markets as Retail sales data and PPI & the Jobless claims data on Wednesday and Thursday following the fresh inflation rates on the coming Tuesday. Moreover, a significant portion of the S&P 500 companies, nearly 10% are set to report their earning.
Will the crypto market be affected? If yes, then whether the levels may surge or drop.
The Bitcoin price along with the other altcoins has been facing significant selling pressure which could be impacted by the upcoming CPI rates. The rejections are appearing similar to the previously failed breakouts. Therefore, a popular analyst, Micheal van de Poppe suggests his 647.8K followers not to expect to earn tons of profits, trading the event.
The estimated CPI data is expected to be around 6.2% against the December rates which were around 6.5%. Therefore, significant volatility is expected in the coming days as the CPI rates have been heading toward the bottom of the cure which reached the peak in July 2022 at 8.7%. Hence a notable BTC price plunge is expected after the release of new rates as a rate of more than 6.1% could trigger a decent downswing.
Besides, if the fresh CPI rate is below 6.1%, then the markets may react positively, uplifting the price beyond $22,000. However, if Bitcoin & other crypto prices continue to be down until the CPI data release, then one can expect the data to be weak which may push the BTC price higher. However, the markets have been experiencing a minor upswing each time previously and hence a similar impact is expected to repeat until the weekend.
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