Leader cryptocurrency Bitcoin is moving in an increasingly restricted area as the final weeks of the year approach. BTC While closing last week almost where it started, markets are waiting for important data and statements from the USA this week. The ancestor of cryptocurrencies ranks 24th among the world’s most valuable assets, according to current data.
US CPI Announced Tomorrow
The first data from the USA, followed by market participants, will be announced tomorrow. Consumer Price Index (CPI). Annual inflation in the US came in at 7.7% last month, below expectations. For tomorrow, the markets expect annual inflation to decline to 7.3%.
A scenario where the CPI is announced below expectations in December may affect the messages to be given by FED Chairman Jerome Powell on 14 November.
US annual CPI data will be announced at 16.30 Turkish time.
Powell to Lead Markets Wednesday
Fed Chairman Jerome Powell will speak on Wednesday after the inflation data. Investors will look for signals from Powell’s words about the next rate hike.
How US Data Affects Bitcoin
The leading cryptocurrency started the week mildly selling, with a daily drop of 0.35%.
bitcoinSince the beginning of December, it has been moving between $16,850 and $17,350. The market expects Powell to soften his rhetoric relatively and relieve the market if the inflation data is not higher than expected.
If this scenario happens, BTC has recently rebounded above the MA 200 on the 4-hour chart. $17,350 can strain the resistance.
However, as the Non-Farm Employment Data announced at the beginning of the month came above expectations, investors may not get what they expected. While the above-expected rise in employment may seem good for the economy at first glance, more people finding a job means households are spending more. This is one of the biggest causes of demand-driven inflation.
In Powell’s hawk explanation scenario, $16,850 support is of great importance. Main daily support if this level is lost $15,700 is level.
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