BTC retests the threshold of 18,000 USD before the CPI report

Bitcoin price today (January 12): BTC retests the $18,000 threshold before the CPI report

Bitcoin rallies above $18,000 to break through an 8-day ‘winning’ streak, the last time Bitcoin saw such a long string of green candles was in July 2021, during the height of the pandemic.

The crypto ‘big brother’ has experienced eight consecutive days of bullishness and is now back above $18,000 for the first time since mid-December.

bitcoin price chart

Over the past 7 days, the price of BTC has increased by 8.3%, with a 4.5% increase in the last 24 hours at press time.

Cointelegraph analysts have predicted Bitcoin price could rally to $18,000 as its rising price volatility puts pressure on $275 million weekly options expiring on Jan. bets are placed at 16,500 USD or less.

In 2022, the price of BTC has dropped by almost 65%. The entire cryptocurrency market is facing storms due to multiple bankruptcies and collapses in the same year of crypto companies.

See also: Coinbase continues to cut 20% of its staff

Investors’ main hope is the possibility that the US Federal Reserve will pause interest rate hikes in the first quarter of 2023.

The Consumer Price Index (CPI) inflation report will be released on January 12 and it could show whether the central bank’s efforts to slow the economy and reduce inflation are reaching an end. results as expected.

Not sure yet

Some crypto traders fear that a downturn in traditional markets could send Bitcoin back to the lows of $15,500.

For example, Morgan Stanley’s chief investment officer, Mike Wilson, told CNBC “Be prepared for a winter drop,” warning that the S&P 500 is vulnerable to a 23-point drop. % down to 3,000.

“Although the majority of institutional investors think the world is likely to fall into a recession, they don’t seem to be afraid of it. It was just a big disconnect,” he added.

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