Bitcoin price rallies to $29.4K as traders gear up for this week’s CPI print
BTC’s rally to $29,400 comes as the all important CPI report releases on April 12 and traders debate whether the Federal Reserve will pivot. Bitcoin (BTC) rose to its highest level in ten months on April 10 as traders await this week's April 12 consumer price index report to gain deeper insight into the Federal Reserve's fight against sticky inflation. If the report shows inflation dropping, it could be the next possible catalyst that further's BTC's upward move. On April 10, BTC price soared 3.37% to over $29,300 after a quiet Easter weekend. Interestingly, Bitcoin's intraday gains appeared alongside a drop in U.S. equities, a rare decoupling that highlights the coin's diminishing risk-on characteristics. BTC/USD year-to-date returns versus U.S. stock indexes. Source: TradingView The pre-CPI dynamic could be in effect The Bureau of Labor Statistics will release March consumer price index (CPI) data on April 12, which expects to show Inflation down to 5.1% fr...