Bitcoin Price Prediction On US Inflation Rate Data Release – Will BTC Start Uptrend Now?

As the US inflation rate data has been released, the crypto community is eagerly awaiting the impact on the Bitcoin market.

Given the current state of the global economy, investors have turned to Bitcoin as a hedge against inflation.

The inflation rate announcement is expected to have a significant impact on the Bitcoin price.

In this bitcoin price prediction, we will examine the possible impact of the inflation rate on the price of bitcoin and make predictions on whether the cryptocurrency will start to rise.

US Consumer Price Index (CPI) figures for May show that inflation concerns remain

US Consumer Price Index (CPI) figures for May were released, showing a monthly increase of 0.4% in both headline CPI and core CPI, which excludes food and energy prices.

Year-on-year, headline CPI rose 5.0%, while core CPI rose 4.0%.

These figures were in line with expectations and suggest that inflation in the United States is still a concern.

As a result, investors and analysts are closely watching the impact of these numbers on the US dollar and the cryptocurrency market, especially Bitcoin.

Fear, Uncertainty, and Doubt (FUD) Over US Government Wallet Sale Leads to Cryptocurrency Market Plunge

The cryptocurrency market took a sudden plunge as a result of Fear, Uncertainty, and Doubt (FUD) surrounding the alleged sale of US government-owned cryptocurrency wallets.

The rumor caused panic among investors and led to a significant sell-off in the market.

Although the rumors ultimately turned out to be false, the damage was already done as many traders lost money due to the FUD-induced market crash.

Recently, there have been reports that wallets linked to US government seizures, including those from the notorious Silk Road marketplace, have been transferring Bitcoin.

This has raised concerns that the US government may be preparing to sell some or all of the bitcoin holdings seized in these operations.

Blockchain analytics provider Glassnode reported on March 8 that the government’s estimated balance before the latest move was 144,500 BTC.

However, that balance has since dropped to 125,600 BTC as 18,860 coins worth around $418 million were transferred.

The mempool tracker estimates that as much as 40,000 BTC may have been involved in the transaction, with around 25% going to Coinbase.

Glassnode confirmed that an estimated 9,861 BTC worth around $219 million were among those sent to Coinbase reportedly seized by the Silk Road hacker.

As the bitcoin market remains volatile, many investors are keeping a close eye on whether the US government will sell more of their bitcoin stash, which could have a significant impact on the market.

This event serves as a reminder of the volatility of the cryptocurrency market and the importance of verifying information before making trading decisions.

bitcoin price

Bitcoin is currently trading at $27,900, with the total trading volume over the last 24 hours being $19.2 billion.

It has a market cap of $540 billion, making it the top-rated cryptocurrency on CoinMarketCap.

Still, bitcoin is struggling to clear the key $27,700 resistance level.

This suggests that there may be bearish sentiment that could prevail as the bulls struggle to surpass this level.

Bitcoin’s trading range is currently floating between $27,250 and $27,700.

If Bitcoin manages to surpass the crucial $27,700 resistance level, it could have the potential to rally to $28,050 and even as high as $28,650.

On the other hand, if bitcoin fails to break the $27,700 resistance, traders might consider selling bitcoin with targets of $27,450 and $27,150.

Let’s hope for some positive developments in the market to support Bitcoin’s bullish momentum.

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Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.

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