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The US July 2024 CPI data was announced by the Fed. The Fed announced its monthly and annual core inflation data. Expectations are at 3 percent. The Fed data came in at 2.9 percent, below expectations, and upward movements in the markets can be expected.
The US inflation data was below expectations and was positive in a way that would not shake the markets. It was 2.9 percent, which would not cause concerns about a possible recession in the markets. So what is the outlook for Bitcoin and the cryptocurrency market? How did Bitcoin react to the data?
Bitcoin After the US CPI Data
Bitcoin continues its course at $61,000 after the US data, which is one of the important developments that will affect the direction of the cryptocurrency markets. According to TradingView data, it continues the day with an increase of nearly 1 percent.
The data came in very positive for the US and cryptocurrency markets, and the positive outlook in the markets continues. It is quite possible to see an increase in Bitcoin to $62-63,000 after the data. However, Bitcoin, which closed a bearish candle at the time the data was announced, continues on its way to rise again with a green candle.
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