• The Consumer Price Index (CPI) is scheduled to be released on Thursday, January 12, 2023 at 8:30 am ET.
• On Sunday, Bitcoin rose to its highest price since December 20, 2022, however, it struggled to surpass the $17,000 mark.
• Analysts are highly anticipating the CPI data for the next week and hope that it will lead to a breakout of Bitcoin from the $16,900 to $17,000 range.
The cryptocurrency market has been experiencing a rollercoaster ride since the beginning of the year with prices going up and down constantly. This week, all eyes are on the upcoming Consumer Price Index (CPI) report which is scheduled to be released on Thursday, January 12, 2023, at 8:30 am ET. This report will give a better idea of how the U.S. economy is performing and what the future outlook is.
On Sunday, Bitcoin rose to its highest price since December 20, 2022, however, it struggled to surpass the $17,000 mark. As a result, it is currently trading in a constrained range between $16,900 and $17,000. Analysts expressed their excitement on Twitter when Bitcoin temporarily surpassed the $17k milestone. Crypto Kaleo wrote, „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 tweeted, „The current #BTC price action will likely figure as an important cluster in the formation of the Bear Market bottom Accumulation Range.“
The most anticipated event of the week will be the release of the CPI report. Analysts are highly anticipating this data for the next week and hope that it will lead to a breakout of Bitcoin from the $16,900 to $17,000 range. Michael Van De Poppe, an analyst, also expressed his views on the matter, saying, „The unemployment showed a positive number today, as it came out lower than expected. however, went sub 50 for the first time since 2008 & COVID-19 is still here. The CPI report tomorrow will be crucial for the market & showing if inflation is running higher than expected.“
The cryptocurrency market is expected to remain volatile in the short-term as the CPI report will have a huge impact on the price of Bitcoin and other altcoins. Investors and traders are advised to keep a close eye on the news and be prepared to make quick changes in their portfolios if needed. Moreover, it is important to remember to never invest more than one can afford to lose.
