Michael Saylor, the Chairman of MicroStrategy, has provided a compelling reaction to Bitcoin’s notable surge following the release of the U.S. Consumer Price Index (CPI) data.
At the time of the latest CoinMarketCap data, Bitcoin is observed trading at $64,222, marking a significant 3.98% increase within the past 24 hours. This surge is particularly noteworthy given Bitcoin’s recent struggles to surpass the $64,000 threshold.
The surge in Bitcoin’s price closely follows the unveiling of the U.S. Consumer Price Index (CPI) data, which reports a 3.4% drop on a year-on-year basis. This alignment with analysts’ expectations serves as a pivotal catalyst behind the surge in Bitcoin’s value.
Traders engaged in index swaps now anticipate a hastened pace of rate cuts following the latest CPI data release. Furthermore, projections suggest that the Federal Reserve is poised to implement borrowing cost reductions in both September and December.
In previous reports by U.Today, Saylor foresaw a growing demand for Bitcoin among U.S. pension funds, which collectively manage over $27 trillion in assets.
Looking ahead, amidst a recent downturn in BTC‘s price, volume analysis reveals a surge in buying activity, indicating robust support from buyers at lower price levels. This accumulation phase often serves as a precursor to a subsequent price rally, as investors capitalize on discounted prices to bolster their holdings.
While investors remain attentive to future price movements in the leading digital asset, it’s crucial to acknowledge the inherent volatility within the crypto market.
