Last Updated on August 10, 2023 by Bitfinsider
Bitcoin’s price fell back below $30,000 after briefly exceeding it earlier in the day as traders positioned themselves ahead of Thursday’s US inflation estimate.
According to CryptoQuant statistics, bitcoin exchange reserves climbed by about 1,500 BTC, indicating that investors are preparing to react quickly to market reactions to the upcoming US CPI report.
According to CoinGecko, Bitcoin was trading for $29,727 at 12:00 p.m. ET.
A recent interest rate projection from Federal Reserve Bank of Philadelphia president Patrick Harker may have influenced earlier price activity.
“I believe we may have reached a point where we can be patient and hold rates steady while letting the monetary policy actions we have taken do their work,” the FOMC voting member said in a speech on Monday.
Before the end of the year, the Federal Open Market Committee will make three rate decisions.
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