Price prediction for Bitcoin, Ethereum, and XRP this week: Will CPI data cause a drop in cryptocurrencies?
The cryptocurrency market in general has experienced a bullish rebound in the last three days, driven by positive economic indicators and the resumption of trade negotiations between the U.S. and China. This rebound comes after a recent drop that caused a sudden crash on Thursday. However, experts warn that this bullish phase could be short-lived, as major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple's XRP face substantial risks this week.
It is worth noting that the upcoming talks between the U.S. and China in London are expected to generate volatility, as well as the Consumer Price Index (CPI) data that will be released on Wednesday. If the CPI report shows higher-than-expected inflation, it could create a pessimistic sentiment in the market, potentially pushing Bitcoin below $100,000 or even $95,000. Conversely, a lower-than-expected CPI could lead to significant gains for major cryptocurrencies like Bitcoin and Ethereum.
Currently, Bitcoin is trading around $107,663 after breaking its short-term downward trend line. If this positive momentum continues and the upcoming CPI reports are favorable, Bitcoin could find strong support and head back toward its all-time high...
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Comment How do you see BTC this week?
