Bitcoin Price Likely To Hit $25K After US CPI Data, Here’s Why – Crypto News – Crypto News
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Bitcoin Price Likely To Hit $25K After US CPI Data, Here’s Why – Crypto News

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Bitcoin price witnessed increased buying pressure from investors and whales as prices fell below $21.5K. Bitcoin Whale Transactions Count on-chain data reported by CoinGape on Monday revealed an increased interest in bitcoin from whales, As a result, the Bitcoin price has increased by nearly 2% from a low of $21,460 in the last 24 hours.

While traders await the US consumer price index (CPI) data for January, major macroeconomic factors are cooling ahead of the CPI release by the US Bureau of Labor Statistics. US Treasury yields, oil prices, and the US Dollar Index (DXY) have already started falling after rising significantly.

The 10-year Treasuries The yield was trading at 3.369% after dipping by around 2 basis points. The yield on the 2-year Treasuries was also down by about 2 basis points at 4.509%.

Meanwhile, oil prices also dipped on Tuesday after the US government plans to release more crude from its Strategic Petroleum Reserve.

The weak dollar has also helped the Bitcoin price to recover slightly today ahead of the CPI data release. A recovery was recently seen across the crypto market as major macroeconomic factors started falling. The US Dollar Index (DXY) fell 0.32% to 102.96 today, after rising over 103.50 in the last week.

The inflation rate in the US is expected at 6.2% in January, the lowest since October last year. The inflation fell significantly in December, dropping from 7.1% to 6.5%. JPMorgan trading desk predicted a fall below 6.3% will push the market up by 2.5-3%.

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Bitcoin Price To Rally Higher

Bitcoin price recorded an over 40% rally in January. Traders hope market recovery to continue amid cooling inflation and strong jobs data.

btc price The increase will help bring a broader market recovery amid crypto crackdown plans of US regulators. Crypto analyst predicts an upside towards $25K after a fall in US CPI data. BTC price is currently trading at $21,822, while ether price currently trading at $1,508, up 2% in the last 24 hours.

Also Read: Cardano Whale Transactions Jump In February, Will It Help ADA Rally?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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