U.S. July CPI Report Looms — Will Bitcoin Hit a New High or Face a Pullback
TradingKey – On Tuesday, August 12, Bitcoin (BTC) failed to extend its recent rally, falling below the $120,000 mark. Over the past 24 hours, BTC dropped more than 2%, currently trading at $118,985, as investors brace for key macroeconomic data.
Bitcoin Price Chart – Source: TradingView
At 12:30 GMT, the U.S. Bureau of Labor Statistics (BLS) will release the July Consumer Price Index (CPI) — a critical inflation gauge that could shape the Federal Reserve’s next interest rate decision.
According to Nick Timiraos, often dubbed the “Fed whisperer,” core CPI is expected to rise 0.31%, while headline inflation may increase 0.24%. UBS forecasts a slightly hotter print, projecting:
- Core CPI (MoM, seasonally adjusted): 0.35% vs. 0.32% expected
- Core CPI (YoY, unadjusted): 3.11% vs. 3.00% expected
If inflation cools more than expected, it could reinforce expectations for a Fed rate cut in September, potentially boosting Bitcoin’s appeal as a risk asset. However, if CPI comes in hotter than forecast, it may dampen hopes for monetary easing — putting pressure on BTC and other crypto assets.
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