Will CPI day finally offer BTC some short-term relief?
followed BTC/USD as it lingered in a narrow trading range ahead of the April Consumer Price Index release.
A classic volatility catalyst for risk assets, CPI forms one of the key metrics which the Federal Reserve considers when changing interest rates. The next change is a full month away, but both government and private-sector metrics predict declining inflation to persist, and even accelerate, in the coming months.
“A little bit of stagnation now, but into the coming two to three months, we’re likely to see a gradual decline, and actually a pretty steep decline, in inflation,” financial commentator Tedtalksmacro said in part ofTedtalksmacro referenced both the Cleveland Fed inflation forecast and, separately, “Trueflation,” an unofficial leading indicator for inflation trends which likewise showed further substantial declines to come.
In a subsequent tweet on the day, Tedtalksmacro separately showed potential BTC price changes relative to various possible CPI numbers, along with the probabilities as per JPMorgan Chase.4.7% to 4.9% --> $29,000
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