Bitcoin Rises Before Tomorrow’s Critical Data! Can You Buy Now?

Continuing its rise for 2 weeks bitcoin It started the third week with a rise.

Rising up to $22374 during the day bitcointrying to stay above $22,000 in altcoins We see that there is no serious movement.

bitcoinWith the rise of BTC, the dominance of BTC was again above the 41% level. This is enough to explain the lifelessness in altcoins.

Eyes on Inflation Data

bitcoin We maintain our medium-term bullish outlook for the market, but volatility may increase in the short-term.

US inflation data will be released tomorrow at 15.30 TSi. (Expected 8.1% Previous 8.5%)

Markets will focus on tomorrow’s inflation data. Because the most influential data on the FED’s interest rate decision on September 21 is the inflation data.

If tomorrow’s data comes in line with expectations, the views that inflation has reached its peak in the USA may be strengthened. Market perception that inflation has reached its peak will increase the appetite for risky assets.

Fed Chairman Powell, in his statement at the Jackson Hole meeting, said that the inflation data that came below expectations in July was not enough to slow down the monetary tightening and we should see that it continues for a few months.

Therefore, the inflation data for tomorrow is of great importance.

In a negative scenario, data that will be announced above expectations may accelerate the escape from risky assets with the expectation that the FED will become more hawkish.

When we look technically, we see that although Bitcoin has risen above $22,000, it is not supported by RSI. While this doesn’t make sense on its own, it’s a reminder not to get caught up in FOMO before tomorrow’s data.