#CryptoCPIWatch The US Consumer Price Index (CPI) data is expected to be released today, and the crypto market is eagerly awaiting it.
CPI Expectations:
The CPI is expected to come in at 2.3% year-over-year, down from 2.4% in March.
Month-over-month, the CPI is expected to show a 0.3% increase.
Impact on Crypto Market:
A higher-than-expected CPI could erase hopes of a Fed rate cut, potentially triggering a sell-off in the crypto market.
A cooler CPI print could revive rate cut bets, fueling a rally in the crypto market.
Bitcoin's price has been volatile, touching $105,700 before pulling back to around $103,400.
Other cryptocurrencies like Ethereum and XRP are also being closely watched.
Market Sentiment:
Traders have started trimming their positions ahead of the CPI release, indicating caution.
A deviation from expected numbers could give a raw jolt to the crypto markets .
Key Levels to Watch:
Bitcoin's recent peak: $105,700
Current Bitcoin price: around $103,400
Ethereum's key level: $2,500
