CPI to spark dollar ‘massacre’ — 5 things to know in Bitcoin this week

CPI to spark dollar ‘massacre’ — 5 things to know in Bitcoin this week

by Virtusenews
11. April 2023
CPI to spark dollar ‘massacre’ — 5 things to know in Bitcoin this week

Bitcoin starts the week on a firm footing as bulls send BTC price to a new 10-month high weekly close.

After a relatively calm week, last-minute volatility is getting traders excited at the prospects of a repeat attack on $30,000 resistance — but a lot stands in the way.

In what is set to be a significant week of macroeconomic data releases, the Consumer Price Index (CPI) print for March is due April 12, along with fresh insights into Federal Reserve policy.

Add to that the Ethereum Shanghai upgrade and it’s a recipe for volatility. How will Bitcoin react?

Volatility correlations between the largest cryptocurrency and traditional risk assets are inverting, data shows, while sentiment data also suggests little appetite for sudden selling among the hodler base.

Cointelegraph takes a look at the status quo in the run-up to what promises to be a week that keeps market participants on their toes.

CPI headlines key macro data week

A familiar event leads the week’s macro calendar, with U.S. CPI data due for March.

The release, this time on April 12, traditionally accompanies heightened volatility in risk assets, making that date a key area to watch for “fakeouts” in crypto markets.

The Federal Reserve will further produce the minutes of its latest Federal Open Market Committee (FOMC) meeting, during which it opted to continue raising interest rates.

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