- Bitcoin saw a notable five-week surge, lifting its value by nearly 40%, only to face a bearish downturn and consolidate around $36k.
- The excitement surrounding a potential spot ETF diminishes as Bitcoin fails to surpass $37k.
- Investors now focus on the upcoming CPI data release as a crucial market influencer.
Following a robust five-week ascent, propelling its value by nearly 40%, Bitcoin (BTC) has encountered a period of consolidation in the $37,000 range. The digital asset appears unable to sustain the bullish rally, with its price now around $36,000 after largely bearish trading in the past 24 hours.
With the excitement surrounding the potential approval of a Bitcoin spot ETF dwindling, investors may shift their focus to Tuesday’s Consumer Price Index (CPI) as a potential catalyst for renewed bullish momentum. Specifically, the U.S. Bureau of Labor Statistics (BLS) is expected to release the CPI data today at 08:00 a.m. local time.
Financial experts anticipate a slowdown in the monthly headline CPI for October, dropping from 0.4% in September to 0.1%, with the year-over-year CPI expected to decrease from 3.7% to 3.3%.
CPI Report Tuesday Could Provi…The post Bitcoin 5-Week Bullish Streak Falters; Can CPI Data Perform Wonders? appeared first on Coin Edition.