Bitcoin May Tumble Below $60,000 as Inflation Data Looms
Bitcoin is wobbling near $61,000 ahead of key US CPI data due today, which is expected to show inflation at a three-year high of 4.2% year-on-year. A hotter-than-expected reading could push the largest cryptocurrency below $60,000, as markets already price in higher interest rates. However, if inflation remains concentrated in energy, markets may dismiss it as transitory, given oil prices have cooled. A downside surprise could trigger a relief rally as BTC appears oversold. Meanwhile, Japan's three largest banks aim to issue stablecoins, SpaceX IPO is oversubscribed, oil prices remain choppy after US-Iran strikes, and Bitcoin ETFs have stagnated since Trump's election. XRP's breakdown below its 200-week SMA signals potential further decline to $0.95.
Key facts
- Bitcoin near $61,000 ahead of US CPI expected at 4.2%, a three-year high.
- Hot CPI could push BTC below $60,000; cool data may trigger relief rally.
- Japan's three largest banks aim to jointly issue stablecoins by March.
- XRP breaks below 200-week SMA, signaling potential drop to $0.95.
- Bitcoin ETFs stagnate at $77.58B, same level as Trump's election win.