Bitcoin Falls Back Below $30,000 Ahead of the Release of the US CPI

Published on:

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.

How to Buy or Trade BTC on ProEX

You can buy or trade BTC on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade BTC as a spot pair (BTC/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade BTC/USDT at ProEX Spot

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.