The crypto market awaits key macro events such as the Consumer Price Index (CPI) inflation data this week for further cues on Bitcoin and altcoins’ direction. Traders and analysts expect the crypto market to move higher, but a hot CPI print amid concerns of US tariffs could spoil this positive sentiment.
The U.S. Bureau of Labor Statistics will release June’s CPI inflation data on July 15. Economists estimate a 2.7% CPI and a 3% Core CPI YoY increase. This is higher than the earlier 2.4% headline CPI and a 2.8% core CPI inflation data, indicating the impact of tariffs.
Bond traders are now uncertain that the Fed rate cut will resume in September, according to a Bloomberg report. However, the CME FedWatch tool still shows 57% odds of a 25 bps rate cut in September and a 43.3% probability of another 25 bps rate cut in December.
At the time of writing, the US dollar index (DXY) is moving around 97.90 and the US 10-year Treasury yield held its advance at around 4.41% as traders await key economic data. Meanwhile, reports claiming US President Donald Trump can fire Fed Chair Jerome Powell added further uncertainty in the markets.
Bitcoin price hit a new ATH of $123,100 today in response to recent predictions of $135K by analysts, as reported by The Crypto Times. BTC price is trading 4% higher at $122,510 at the time of writing. Analysts expect some profit booking before next leg up.
Altcoins also move higher amid the rising ‘greed’ sentiment in the crypto market. ETH price holds above $3,000 and XRP price aims to hit a new ATH above $3.84.
Also Read: Metaplanet Buys $93.6 Million in Bitcoin, Stock Price Jumps
