"Hmm when will the price of BTC go up, probably CPI time?"
The price of cryptocurrency king Bitcoin (BTC) yesterday recovered to $63,438 shortly after Tokyo-listed investment firm Metaplanet acquired 117.7 BTC worth $7.19 million to protect against mounting debt problems.
Bracebridge Capital, a Boston-based hedge fund that owns Ark 21Shares Bitcoin ETF (ARKB) worth $262 million, BlackRock's $81 million iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC) worth $20 million shares are also behind the BTC price rebound.
Not only that, an increase in the 30-day average supply held by long-term holders of BTC was also sparked where they collectively managed to hold over 13.992 million of the digital asset.
But it should be known that investors are now waiting for the release of the United States (US) Producer Price Index (PPI) data today followed by the Consumer Price Index (CPI) reading on May 15, 2024 which will have an impact on the crypto market.
Investors can also hear words from Federal Reserve (Fed) Chairman Jerome Powell today who is scheduled to participate in a moderated discussion with Dutch Central Bank Governor Klaas Know at the annual general meeting of the Association of Foreign Banks in Amsterdam.
According to CryptoQuant analysts, the Coinbase Premium Index is an important leading indicator that can be used to predict the future of BTC as its price always bounces upwards if the indicator turns negative.
Also worth noting Aevo (AEVO) $961 million and Stark (STRK) $77 million unlock tokens on May 15, 2024 while Arbitrum (ARB) $92 million on May 16 could see an increase in buying pressure before unlock.
As of this writing, BTC price has surged by 2.62% to $62,984 in the past 24 hours with a market cap of over $1 trillion but is still down 1.12% over the past week.
