Cryptocurrency investors are waiting for Bitcoin to overcome the resistances it encountered on its way to the new ATH and renew its ATH, while waiting for clues from the US Consumer Price Index (CPI) data for ATH.
The USA will publish CPI inflation data for May before the June interest rate decision that the FED will announce this evening.
The data is critical after last week’s higher-than-expected US employment data dampened expectations for the FED to cut interest rates.
At this point, Wall Street giants shared their expectations regarding US inflation data.
According to the Wall Street Journal, Wall Street giants such as JPMorgan, Bank of America, Goldman Sachs, Morgan Stanley, Citigroup, UBS, Nomura, RBC and Barclays estimate that the CPI will be at 3.4%.
In contrast, BNP Paribas, TD Bank and Wells Fargo forecast CPI to fall to 3.3%.
According to market economists, annual CPI will be at 3.4%, similar to last month.
The monthly rate is expected to slow to 0.1% from 0.3% last month, while the annual Core CPI is expected to fall from 3.6% to 3.5%.
CPI forecasts of both Wall Street giants and economists generally point to positive figures and bullish sentiment in the market.
While Wall Street giants also predict that the FED will cut interest rates as of September, it is thought that this FED decision will be decisive in terms of whether the interest rate cuts will start or be postponed.
At this point, economists predict that if the CPI comes in line with market forecasts, expectations for an interest rate cut in September may increase, which could potentially increase the price of Bitcoin.
Economists recently stated that Bitcoin, which fell before the CPI and FED decision, created an opportunity for investors to buy from the bottom, and that BTC would rise in the short term, and as BTC rose, it could bring a recovery for the broader crypto market.
*This is not investment advice.
