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DISCLAIMER: This article is a SPONSORED Press Release and does not constitute Finbold’s editorial content. Crypto assets/products involve significant risks. Do not invest unless you are prepared to lose your entire investment. For a full disclaimer, please . This week could play a crucial role in Bitcoin’s upcoming price trajectory.  The Bitcoin price is currently showing strong fluctuations, driven by the sell-offs from the German government and the subsequent recovery. However, it is certainly displaying a bearish inclination that could push the BTC price down to $51k.  That is if this week’s CPI data does not spark a major recovery.  Indeed, this week’s CPI and PPI prints have the potential to significantly increase the likelihood of an interest rate cut in July, a decidedly bullish scenario for Bitcoin and the large-cap altcoins. Investors are also eyeing new crypto coins such as PlayDoge and eTukTuk  Will The CPI Lead To A Rate Cut In July? The Consumer Price Index is a crucial metric for inflation in the US economy and typically has a marked impact on Bitcoin’s price trajectory.  However, this week’s CPI could result in particularly high volatility. The Federal Reserve is on the verge of kicking off its quantitative easing measures for the first time in three years.  Currently, the CME FedWatch tool is showing a nearly 75% probability of interest rate cuts in September. In fact, some experts are calling this scenario a lock.  The only major question now remains whether the Fed could surprise the market with a rate in July’s FOMC meeting.  The Personal Consumption Expenditure index or the PCE for May has already come in line with the market’s expectations. Notably, it is the Fed’s preferred measure for inflation. Furthermore, last week’s ISM Service PMI and Factory Orders data turned out to be big misses,…

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Filed under: News - @ July 8, 2024 6:24 pm