Markets are already not expecting more rate hikes from the Fed this year and rate cuts as soon as February. Even soft CPI numbers this week might not serve as a bullish catalyst for bitcoin. SteveAlpher reports
Bitcoin bulls are hoping for continued good news on the U.S. inflation front from Thursday morning's July Consumer Price Index report from the Bureau of Labor Statistics.
Core CPI is seen gaining 0.2% in July, matching June. The annual core CPI pace is expected to slip to 4.7% from 4.8%. Core CPI peaked at 6.5% in March 2022, and one year ago in July, the annual level was 5.9%. While the largest cryptocurrency is higher by 75% in 2023, the bounce has been rather tepid given the enormity of the preceding decline, with bitcoin – at last check trading just below $29,000 – still off roughly 58% from its all-time high.
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