"Hmm investors today want BTC to go up or down? But don't be sad if the price moves flat."
After testing it for a while, the price of the mother of all cryptocurrencies Bitcoin (BTC) plunged back below the $30,000 level as traders are currently awaiting the release of the United States (US) Consumer Price Index (CPI) data in the New York session tonight.
By observation, BTC exchange reserves have increased by almost 1,500 BTC while its stock reserves have caused investors to react quickly ahead of the arrival of CPI data that will move the crypto market.
However, it should be noted that the price of BTC is likely to see a drop following the recent interest rate forecast made by the President of the Federal Reserve (Fed) of Philadelphia, Patrick Harker.
Federal Open Market Committee (FOMC) voting members view the US central bank as now on track to keep interest rate hikes steady but at the same time implement the monetary policy actions they want to take.
It is well known that there are three FOMC decision dates left before the end of the year.
In addition to expecting today's US CPI reading to be lower than consensus, Goldman Sachs analysts also think there will be a decline in core inflation before 2023 comes to an end.
While James Butterfill, who is the head of research at CoinShares, believes that the CPI data will not guarantee a further increase in interest rates in December 2023.
As of this writing, BTC price has slipped by 0.83% to $29,588 in the last 24 hours with a market cap of $575 billion but is still up 1.37% over the past week.
