The cryptocurrency market is witnessing a remarkable recovery, as everyone is anticipating the next big move - yes, the Consumer Price Index data is about to decline.

So, what's the deal?

The price of Bitcoin recently dropped below $102,000, and suddenly, traders lost over $730 million in liquidations. Traders are eager to take profits before the Consumer Price Index is released. It's a case of the usual tension before the news.

Consumer Price Index - Why should you care?

Markets expect the inflation rate in April to drop to around 2.4%. If it declines? We may see a strong recovery for cryptocurrencies. However, if it rises, the dollar will get a boost, and cryptocurrencies may take another hit.

Where is Bitcoin headed?

Some analysts believe that this pullback is just a reset - and Bitcoin may target $105,000 again soon. In the meantime, major players continue to invest: institutions have amassed over 157,000 Bitcoins this year alone.