Bitcoin Bullish Streak Broken: BTC Price May Increase After CPI Data

Crypto News – After making significant gains over the last five weeks that increased its value by almost forty percent, Bitcoin (BTC) has seen a period of consolidation around $37,000. The digital asset’s price is currently at $36,000 after mostly bearish trading during the previous day.

Bitcoin Bullish Streak Broken: BTC Price May Increase After CPI Data

Investors may turn their attention to Tuesday’s Consumer Price Index (CPI) as a possible catalyst for fresh positive momentum, as the enthusiasm surrounding the possible approval of a Bitcoin spot ETF is starting to fade. It is anticipated that the CPI statistics will be made public by the U.S. Bureau of Labor Statistics (BLS) at 8:00 a.m. local time today.

Analysts Forecast a Decline in CPI

The monthly headline CPI is forecast to slow down in October, falling from 0.4% in September to 0.1%, while the year-over-year CPI is predicted to dip from 3.7% to 3.3% by financial experts.

To put things in perspective, the CPI measures inflation by keeping an eye on the costs of a selection of goods and services that Americans often buy. As Coin Edition has already mentioned, there may be a sell-off in riskier assets like Bitcoin if CPI exceeds forecasts. On the other hand, a lower-than-expected CPI number would boost confidence and cause risk-asset markets to rise.