The Bitcoin price has failed to break above the key resistance level of $27,800 since Monday. With today’s release of the US Consumer Price Index (CPI), a directional decision may be imminent: Will Bitcoin climb again towards $30,000 or is a drop to $25,000 looming? Who Will Buckle First? The Consumer Price Index (CPI) will be announced an hour (8:30 am EST) before the US trading session opens. Headline inflation on an annual basis (YoY) is expected to be unchanged at 5.0% (vs. 5.0% last time). The core rate is expected to fall slightly, from 5.6% to 5.5%. On a monthly basis, headline CPI is expected at 0.4% vs. 0.1% last and the core rate at 0.3% vs. 0.4% last. Today’s CPI release could be of major importance because there is a significant discrepancy between the US Federal Reserve (Fed) and market expectations. According to the dot plot and Jerome Powell, there are no rate cuts scheduled this year, while according to the CME FedWatch tool, the market is calling a bluff and the majority is forecasting two to three rate cuts. One side will have ..
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