Bitcoin (BTC) price has remained relatively stable at around $28,000 for the past few days but has undergone selling in the last 24 hours. The United
Bitcoin price suffers a rejection at $28,485, dropping 6% over last 10 days. The BTC correction comes ahead of the US CPI on Thursday, which could add more volatility to the current market outlook. There might be a minor pullback to the resistance level, ranging from roughly $27,300 to 27,400. States Consumer Price Index will be released on Thursday at 12:30 GMT, and this event is likely to cause a further spike in volatility.
What to expect from US CPI? Before getting into what to expect from the US CPI, let’s recap important events PCE Price Index YoY : 3.5% vs. 3.5% Nonfarm Payrolls: 336K vs. 170K Increasing inflation numbers for July and August Federal Reserve: In September, the Fed did not raise rates, but Chairman Jerome Powell mentioned that “inflation has moderated” and that expectations “appear well-anchored.” Powell also added they were “prepared to raise rates further if appropriate.
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