QCP Capital, a Singapore-based crypto investment firm, highlights the market's focus on the upcoming Consumer Price Index (CPI) data, set for release on October 24th. This release is crucial as it remains the only major economic indicator available due to the ongoing US government shutdown, which has halted other data releases. A mild CPI reading, close to 0.2%, could reinforce the "soft landing" scenario for the economy and potentially boost Bitcoin's upward momentum. The crypto market has experienced significant volatility, with Bitcoin briefly surging to $114,000 amid a correction in the metals market before retreating below $108,000. Market participants are closely watching the CPI data, as further declines in the US Dollar Index and two-year real interest rates could influence Bitcoin's trajectory. The CPI release will serve as a key anchor for market reactions and Federal Reserve policy statements in the coming week.
Bitcoin's Upward Trend Hinges on Upcoming CPI Data Amid Market Volatility
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