"Hmm if BTC goes up, can the price break through $28K?"
The publication of the Consumer Price Index (CPI) data that will be released today by the United States (US) Bureau of Labor Statistics could push for the price of cryptocurrency (BTC) to climb if the inflation data report is encouraging.
However, the financial market has shown signs for the Federal Reserve (Fed) to take a hawkish stance in raising interest rates higher.
Therefore, investors need to carefully watch the reading of the CPI data for August following it to be able to assess the decision made by the US central bank during the meeting of the Federal Open Market Committee (FOMC) which will take place on 19 to 20 September 2023.
It is widely known that the broader market expects CPI for last month to increase by 0.6% while headline inflation is likely to be at 3.6% year-on-year compared to the previous 3.2%.
By observation, there is a 93% chance that interest rates will remain stable in September 2023 and only a 56.4% chance that interest rates will go higher during the FOMC meeting in November.
As of this writing, BTC price has surged by 3.20% to $25,942 in the last 24 hours with a market cap of $505 billion and a 0.61% increase over the last week.
While the second largest crypto Ethereum (ETH) is up around 2.96% at $1,598 in the last 24 hours with a market capitalization of $192 billion and Ripple (XRP) is up 1.92% at $0.48, but still down 4.88% in the last seven days.
