Bitcoin Price Goes Up After CPI Report, Where Is It Heading Next? Find Out How Exorde Can Predict BTC Price Movements With Great Accuracy
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The price of Bitcoin surged almost 5% following the release of the latest inflation figures on Tuesday. The CPI report came in lower than expected, leading to investors believing that the US Federal Reserve would slow the pace of interest rate hikes this week.
The CPI report allowed Bitcoin to climb back toward $18,000 as it sits at $17,800 ahead of the FOMC announcement of the next wave of interest rate hikes.
With BTC starting to look optimistic, traders are wondering where it is heading next. One tool, in particular, can help traders predict price movements for Bitcoin with incredibly high accuracy - upward of 60%.
The latest inflation data observed from the CPI report suggests that the previously prevailing inflation rate might be starting to show the first signs of fading. The Consumer Price Index (CPI) rose just 0.1% from the previous month and increased 7.1% from a year ago. This came in below the estimated 0.3% and 7.3%, respectively.
With prices rising less than expected in November, optimism is starting to be injected back into the cryptocurrency sector as traders expect the US Federal Reserve to pivot from the extreme 75 BPS rate hikes experienced over the past few meetings. Instead, traders are now expecting the Fed to hike by 50 BPS, with some even considering a 25 BPS is possible.
Not only the crypto markets are feeling the increased optimistic sentiment. Stocks initially soared following the release of the CPI figures, with the Dow Jones surging more than 800 points and the S&P 500 climbing as much as 4%.
At the same time, Bitcoin surged higher to hit the resistance at
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