• Bitcoin price is steadying ahead of the United States Consumer Price Index (CPI) release, which is expected to reach a two-year low.
• Analysts expect volatility around the CPI’s release, with liquidity tightly wrapped around spot.
• Traders are expecting a classic “Darth Maul candle” in BTC price after the data comes out.
Bitcoin Price Awaits Key Macroeconomic Event
Bitcoin BTC $30,364 eased higher into July 12 with the key macroeconomic event of the week just hours away. Data from Cointelegraph Markets Pro and TradingView followed BTC price momentum as it slowly inched closer to $31,000. The largest cryptocurrency showed little volatility through the start of the week, with local range highs and lows still clearly defined.
Lowest CPI In Two Years
The United States Consumer Price Index (CPI) is due to hit its lowest score since March 2021 at roughly 3.2%. This should show U.S inflation continuing to slow down. Financial commentator Tedtalksmacro noted that the Cleveland Fed, University of Michigan + Truflation are all anticipating similar numbers for this index release.
Volatility Around CPI Release Expected
With liquidity tight around spot price, analysts hope for a reshuffle upon the release of June’s print of CPI. Flash volatility could prove deceptive as Bitcoin tends to decide on trajectory somewhat after data has been released, leading traders to expect a classic “Darth Maul candle” in BTC price afterwards.
Liquidity Wrapped Around Spot Price
#FireCharts shows #Bitcoin ask liquidity moving closer to the active trading zone, while bid support strengthens. Liquidity is expected to be thinned out in order for volatility around #CPI report before it is released on July 12th 2023 at 8:30 AM EST (12:30 PM GMT).
The June print of United States Consumer Price Index (CPI) will be released on July 12th 2023 at 8:30 AM EST (12:30 PM GMT). This could lead to increased volatility and movement in Bitcoin price if analysts’ predictions come true – potentially forming a ‘Darth Maul candle’.