Bitcoin’s (BTC) Chance for Recovery Hinges on This Major Economic Event

"BTC has made massive moves after CPI before. Today could be another one," one analyst warned. The primary cryptocurrency surged past $65K over the weekend, causing some popular analysts to call the end of the bear market and the beginning of a potential upward trend. However, the revival was short-lived, with BTC briefly plunging to as low as $63,250. Now all eyes are set on the CPI report, which could trigger a renewed revival but may also cause a substantial pullback. Pump or Dump on the Horizon? Later today (August 12), the US Bureau of Labor Statistics is about to release the Consumer Price Index data, which shows the inflation rate in the country and provides a vital outlook for the overall condition of the local economy. According to the odds on Kalshi, most traders believe that July’s CPI will come in above 3.3% on a year-over-year basis, while 15% see a chance of hotter inflation at 3.4%. The report is a key input for the Federal Reserve, which takes the figure into major consideration when shaping its interest rate policy. As such, it is expected to cause volatility in the crypto and financial sectors. X user Ted noticed that BTC jumped over 10% in a week following June’s...