CPI Report on Thursday to Shake Up Cryptocurrency Market

Bullet Points:
• The January 2023 CPI report is scheduled to be released on Thursday, January 12, 2023, at 8:30 am ET.
• Bitcoin soared but was unable to surpass the $17,000 mark; as a result, it is currently trading in a constrained range between $16,900 and $17,000.
• Analysts expressed their excitement on Twitter when Bitcoin temporarily surpassed the $17k milestone and are looking ahead to the release of the Consumer Price Index (CPI) report.

The world of cryptocurrency is stirring up with excitement as the Consumer Price Index (CPI) report is scheduled to be released this Thursday, January 12, 2023, at 8:30 am ET. This report is crucial as it will give us a comprehensive understanding of the state of the economy and how it is progressing.

In the cryptocurrency market, the total market capitalization of all coins had been „bouncing quite much in different directions.“ On Sunday, Bitcoin soared but was unable to surpass the $17,000 mark; as a result, it is currently trading in a constrained range between $16,900 and $17,000. Nevertheless, the small uptick resulted in Bitcoin reaching its highest price since December 20, 2022.

Analysts expressed their excitement on Twitter when Bitcoin temporarily surpassed the $17k milestone. Crypto Kaleo tweeted, „Finally looks like BTC is ready to break out of the $16K – $17K base range it’s been stuck in the past several weeks.“ Rekt Capital also shared their opinion on the matter, writing, „The current #BTC price action will likely figure as an important cluster in the formation of the Bear Market bottom Accumulation Range.“

Analysts are now looking ahead to the release of the Consumer Price Index (CPI) report. Michael Van De Poppe, an analyst, highlighted the importance of this report, saying, „The unemployment showed a positive number today, as it came out lower than expected. however, went sub 50 for the first time since 2008 & COVID-19 continues to have effects on the US economy. Thus, the CPI report on Thursday is a key factor to look at.”

This report will be closely watched by traders, investors, and analysts alike, as it will provide a good indication of the direction in which the cryptocurrency market will be heading next. Already, the anticipation of the CPI report has caused the market’s attention to shift away from Bitcoin and other major altcoins, and towards the US Dollar.

The next few days are bound to be incredibly exciting in the cryptocurrency market. With the release of the CPI report on Thursday, investors will be paying close attention to the trends in the market and how they will respond to the report. Analysts are expecting to see some volatility in the market, and the direction of the market could be greatly impacted by the news.