{"id":38216,"date":"2024-02-12T22:16:17","date_gmt":"2024-02-12T22:16:17","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2024\/02\/12\/bitcoin-btc-price-rally-to-50000-halts-as-investors-await-us-cpi-data\/"},"modified":"2024-02-12T22:16:18","modified_gmt":"2024-02-12T22:16:18","slug":"bitcoin-btc-price-rally-to-50000-halts-as-investors-await-us-cpi-data","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2024\/02\/12\/bitcoin-btc-price-rally-to-50000-halts-as-investors-await-us-cpi-data\/","title":{"rendered":"Bitcoin (BTC) Price Rally to $50,000 Halts As Investors Await US CPI Data"},"content":{"rendered":"

[ad_1]
\n<\/p>\n

\n

After a powerful push to $48,500 during the last weekend, the Bitcoin worth has registered a modest retrace of round $48,000. The latest pause within the rally to $50,000 comes as traders are keenly watching the developments to the CPI knowledge launch, forward this month.<\/p>\n

US Economic Data and FOMC Speeches Awaited<\/h3>\n

As the week unfolds, traders eagerly anticipate the discharge of key financial indicators from the United States, together with January Consumer Price Index (CPI) and Producer Price Index (PPI) knowledge. Additionally, a number of members of the Federal Open Market Committee (FOMC) are scheduled to ship speeches, providing insights into the central financial institution\u2019s financial coverage outlook.<\/p>\n

<\/p>\n

Market sentiment stays targeted on the chance of the FOMC sustaining interest rates<\/a> unchanged throughout its upcoming assembly on March 20. Currently, the Chicago Mercantile Exchange (CME) assigns an 82.5% likelihood to this consequence, indicating expectations for a secure rate of interest setting within the close to time period.<\/p>\n

<\/p>\n

Meanwhile, distinguished crypto analyst Michael van de Poppe acknowledged that Bitcoin is exhibiting sturdy resilience within the $48,000 to $50,000 vary. Van de Poppe views Bitcoin\u2019s skill to stand up to these challenges as a constructive indicator, suggesting rising power out there, doubtlessly fueled by elevated institutional curiosity. He speculates that Bitcoin might goal larger worth ranges, projecting a spread of $53,000 to $57,000 earlier than the upcoming halving occasion.<\/p>\n

Bitcoin ETF inflows<\/a>, then again, proceed to stay sturdy. All of the 9 spot Bitcoin ETF funds have attracted over $9 billion in inflows to date, since launch on January 11. However, BlackRock and Fidelity, have a lion\u2019s share of greater than 66% on this. Caroline Bowler, CEO of crypto platform BTC Markets Pty, noted<\/a> on Bloomberg Television that there are indicators pointing to a rising inflow of institutional funds into the asset class<\/p>\n

<\/p>\n

Bitcoin Whale Accumulation on The Rise<\/h3>\n

<\/p>\n

Popular crypto analyst Ali Martinez famous that Bitcoin whales have been on a shopping for spree and have accrued 140,000 Bitcoins simply during the last three weeks, amounting to greater than $6.16 billion.<\/p>\n

\"\"