Bitcoin (BTC) began the week with a strong start as bulls pushed the BTC price to a new 10-month high weekly close. Last-minute volatility is getting traders excited at the prospects of a repeat attack on the $30,000 resistance level. This week, there will be significant macroeconomic data releases including the Consumer Price Index (CPI) print for March and fresh insights into Federal Reserve policy. The Ethereum Shanghai upgrade is expected to cause volatility, and it remains to be seen how Bitcoin will react. Correlations between the largest cryptocurrency and traditional risk assets are inverting, while sentiment data suggests little appetite for sudden selling among the hodler base. This week, U.S. CPI data is due for release for March, of which traditionally accompanies heightened volatility in risk assets. The Federal Reserve will also produce the minutes of its latest Federal Open Market Committee (FOMC) meeting. According to CME Group’s FedWatch tool, next month’s FOMC meeting will likely end in a repeat 0.25% hike.
CPI to spark dollar ‘massacre’ — 5 things to know in Bitcoin this week
