U.S. CPI Data Next Macro Catalyst for Bitcoin

Dow Jones
09/07

0658 GMT - Coming U.S. CPI data is likely to be Bitcoin's next decisive macro catalyst, says Naeem Aslam, CIO at Zaye Capital Markets. The Bitcoin ecosystem now rests on major forces including ETF demand and monetary-policy expectations, he says in a note. A softer inflation print will reduce pressure for tighter policy, weakening real yields and improving the odds of Bitcoin breaking through resistance, he says. Hotter inflation would strengthen the case for restrictive policy and could pull the market back below $80,000 despite continued ETF accumulation, he says.U.S. spot Bitcoin ETFs recorded about $731 million of inflows on Sept. 3 and another $174.6 million on Sept. 4, taking three-session net inflows to roughly $1.01 billion, he notes. Bitcoin is trading at $79,689, according to LSEG data.

 

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