#CryptoCPIWatch The crypto market is on edge as today's U.S. Consumer Price Index (CPI) report looms large.๐ Scheduled for release at 8:30 AM ET (6:00 PM IST), the April CPI is expected to show a 2.4% year-over-year increase, consistent with March's figures.
Bitcoin is currently trading at $102,793 USD, reflecting a 1.7% decrease today.
Bitcoin has dipped below $102K, with traders engaging in profit-taking ahead of the inflation data release. Altcoins are also experiencing declines, some dropping up to 7%, as market participants brace for potential volatility.
The CPI report's outcome could significantly influence market dynamics. A lower-than-expected inflation rate might bolster risk assets, potentially propelling Bitcoin toward the $106K mark. Conversely, a higher reading could trigger a sell-off, pushing BTC below $61K.
Investors are advised to stay vigilant, as the CPI data could set the tone for crypto markets in the coming weeks.