Bitcoin (BTC) Soars After Benign Inflation Data: What’s Next with Thursday’s Release?

An unexpected 0.1% fall in the August Producer Price Index (PPI) enabled Bitcoin (BTC) to push through resistance and maintain above $114,000 early on ￰0￱ Consumer Price Index (CPI) figures are due out ￰1￱ here are for a slight ￰2￱ could Bitcoin be affected? Market focus moves to CPI release later today Tuesday’s PPI reading for August of -0.1% was a real shot in the arm for the US ￰3￱ had been expecting +0.3, so this was a real positive, showing that tariffs had still not had their impact ￰4￱ Thursday, there will be more focus on the Consumer Price Index (CPI) ￰5￱ consensus here is also for a +0.3% rise in ￰6￱ the Federal Reserve potentially about to raise interest rates next week it will be important that this figure does not come in any hotter than ￰7￱ markets do suffer as a result of a negative inflation print, Bitcoin is likely to also take a hit.

However, with rate cuts on the horizon, this may only be a temporary dip. $113,500 becomes new horizontal support