Bitcoin Price Poised to Surge on CPI Report

CPI Preview

The Consumer Price Index (CPI) report, due out on May 15th, is expected to significantly impact Bitcoin’s price. Bitcoin has been sensitive to macroeconomic news lately, making this report particularly important.

What to Expect

Analysts predict a slight slowdown in inflation for April, with a year-over-year increase of 3.4% and a month-to-month increase of 0.3%. The core CPI, excluding food and energy, is also expected to decline to 3.6%.

Bitcoin’s Reaction

Bitcoin has been responsive to inflation figures and Federal Reserve policy. A slowdown in inflation could boost risk assets like Bitcoin, as it may lead to more accommodative monetary policies.

Market Sentiment

Market analysts believe that a softer CPI could lead to higher Bitcoin prices, while a hotter CPI could lead to lower prices. Bitcoin is currently trading at $61,628.