As the key macroeconomic event of the week approaches, Bitcoin (BTC) has been edging higher on July 12.
Jasmy Crypto, Crypto.com, Crypto Today Latest, Forexsfxgroup.com – Crypto, IMPT Crypto, REN Crypto, LCX Crypto, Real Time Crypto, and VRA Crypto are all keeping a close eye on the cryptocurrency.
CPI set to hit lowest since March 2021
Cointelegraph Markets Pro and TradingView data showed that BTC price was slowly creeping up towards $31,000.
The top cryptocurrency was quite still in the beginning of the week, with the local maximums and minimums still quite visible.
Since liquidity was tight around the spot price, analysts were expecting a change when June’s United States Consumer Price Index (CPI) was released.
It was roughly predicted to be around 3.2%, which would be the lowest figure since March 2021.
“The Cleveland Fed, University of Michigan + Truflation all anticipating a similar number,” said Tedtalksmacro in his analysis.
Traders were aware that the flash volatility could be misleading, as Bitcoin usually decides on its trajectory after the data is released.
“There’s a good chance we see the usual ‘Darth Maul’ candle where both low timeframe highs & lows are taken out shortly after CPI,” said Daan Crypto Trades.
Decentrader’s trading suite noted that “The previous 4 CPI data releases have all followed a very similar pattern for Bitcoin.”
Bitcoin “looking good” for copycat bull run move
On longer timeframes, popular trader Moustache evaluated the prospects of a similar upswing to classic bull runs.
The BTC/USD monthly chart, he noted this week, is in the process of breaking out above its 20-period simple moving average (SMA).
“Every time BTC made a monthly close ABOVE the SMA 20 line, it was the ultimate confirmation of a bull run. For the following 2 years it never again went below this line (except covid crash),” he commented, adding that the current situation was “looking good.”
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