Saturday, 25 May 2024

Crypto News

Analyst says CPI could be big market mover

Analyst says CPI could be big market mover

  • Bitcoin price hovers above $28k with a ranged trading over the past month.
  • Analyst Michael van de Poppe says the US consumer price index report out this week could be a big market mover.
  • Bitcoin’s volume weighted average price (VWAP) is a metric to also watch.

Bitcoin price continued its ranged trading this past weekend, with bulls retesting the $28,500 area. As the week starts, the top cryptocurrency could see an injection of volatility.

Indeed, crypto analyst Rekt Capital says bitcoin remains “well positioned for mid- to long-term upside”, particularly as the cryptocurrency moves towards its next halving event. 

But what about the next few days? Below is what analysts say about Bitcoin price this week.

Bitcoin price prediction ahead of CPI data this week

According to crypto analyst Michael van de Poppe, BTC is still in consolidation – which has stretched from around mid-March. But with big economic news on the cards this week, the market could be in for a bit of movement.

In a comment on Bitcoin price he shared on Monday, van de Poppe said the upcoming Consumer Price Index (CPI) data expected on 12 April is a “big event this week.” 

If buyers manage to retest the $28,600 level, its likely BTC will break higher.

Bitcoin is still stuck in the range. Good move overnight to $28,500 and back to consolidation. Big event this week with CPI, probably the market mover. If another test of $28,600 takes place, I’m assuming we’ll be breaking out upwards,” the analyst noted.

Here is the analyst’s Bitcoin price chart.

Trading volume metric and BTC price outlook

Pseudonymous analyst bitcoindata21 also says the CPI news this week will likely be a major market catalyst. However, he also highlights Bitcoin’s Volume Weighted Average Price (VWAP), which he says currently sits on the…

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