Crypto Market: A Pivotal Week To Define The Year’s Bullish Or Bearish Trend – NewsTo
Crypto Market: A Pivotal Week To Define The Year’s Bullish Or Bearish Trend

Crypto Market: A Pivotal Week To Define The Year’s Bullish Or Bearish Trend


Crypto market enters important week as US releases CPI and PPI inflation data; will Fed announce another “pause”?

The crypto market faces a pivotal week as the U.S. delivers CPI and PPI inflation figures, making it straightforward for the FOMC to “pause” interest rate hikes. It will lift Bitcoin and Ethereum prices, boosting market recovery and indicating a bullish year ahead.

The market forecasts annual CPI to rise from 3.2% in July to 3.6%. August core annual CPI fell to 4.3% from 4.7% in July. The market expects monthly core PPI to drop to 0.2%.

The U.S. Federal Reserve is likely done raising interest rates as the job market has cooled down and unemployment rates went up last month. Traders expect CPI data this week to confirm market direction while being cautious in September, a historically bad month.

Crypto Market: A Pivotal Week To Define The Year's Bullish Or Bearish Trend

CME FedWatch Tool indicates that there is a 93% chance that a pause will be announced at the next FOMC meeting on September 20. Analysts on Wall Street also expect a rate hike late this year. BTC price may remain under pressure as the US dollar index (DXY) hovers above 104.50.

Additionally, the European Central Bank will make its decision to raise interest rates public on Thursday. The prediction calls for a pause amid ongoing rate increases since last year.

The crypto market is dull due to DXY’s spike and the SEC’s spot Bitcoin ETF delay. Traditional market participants pressure the SEC to establish a Bitcoin ETF.

BTC has traded sideways for 24 hours and a week, currently at $25,862. However, trading activity has surged in the recent 24 hours, indicating trader interest.

ETH dropped 1% in 24 hours and roughly 2% in a week. The 24-hour high is $1627, and the price is $1615. However, trading volume has risen by 85% in the last 24 hours.

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