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A while back, crypto and Bitcoin prices were less impacted by macroeconomic news releases in the United States. However, that’s changing, especially with the institutionalization of crypto assets. Next week, on Friday, October 24, traders and investors will closely watch the United States CPI data.
There was disappointment after September’s NFP data was delayed earlier this month due to the ongoing shutdown. The United States CPI data is also important, and the delay to October 24 means traders only have a few days to adjust their portfolios before Jerome Powell and the Federal Reserve decide on interest rates before the end of the month.
Ahead of this CPI data release, Bitcoin and some of the best cryptos to buy are still reeling from the October 10 sell-off. Although BTC USDT prices bounced, the Bitcoin crypto is trending below $115,000, an immediate resistance level.
(Source: BTC USDT, TradingView)
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What To Expect From the U.S. CPI Data
The U.S. CPI data is not just any other macroeconomic release. Economists use it as a key economic indicator to track changes in the prices of a basket of goods and services. The CPI reading is a primary measure of inflation, and over the years, how CPI data changes will shape the broader economic policy and even influence investor behavior, directly rippling into crypto prices.
The year-on-year (YoY) September headline CPI reading, excluding food and energy, is expected to come in at +2.9%. This forecast aligns with broader macro models, of which most expect inflation to cool off, though services and house costs continue to keep the reading above the +2% benchmark. Meanwhile, on a month-to-month basis, core CPI is projected to rise by about +0.3%.
(Source: ForexFactory)
How September’s CPI reading comes in will help guide the Federal Reserve’s monetary policy, specifically on interest rate decisions. The central bank is data-driven and closely monitors not only inflation data but also the labor market.
Should the CPI show cooling inflation and September’s reading drop lower than expected, the Federal Reserve might cut rates and inject liquidity into the economy. This environment will favor not only Bitcoin, which is seen as digital gold, but also altcoins, including top Solana meme coins.
Conversely, if hotter CPI prints, the Fed might consider pausing rate hikes, and delay rate cuts to December 2025.
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How Will Bitcoin and Altcoins React? Will BTC USDT Break $115,000?
At spot rates, Bitcoin, Ethereum, and some of the best cryptos to buy are moving inside tight ranges.
BTC USDT is still capped below $115,000, while ETH USDT is trading above $4,000 but struggling against a wave of selling. Meanwhile, the Solana price is hovering around the $200 level, with XRP crypto failing to reclaim $3.
Should the headline YoY CPI reading for September print lower than expected, the central bank would have solid ground for lowering rates. This move would be beneficial for altcoins and Bitcoin, injecting more capital into crypto and possibly lifting prices above local resistance levels.
On X, one analyst noted that in the last three CPI data releases, Bitcoin and, thus, altcoins ticked higher before the data release before dumping right after they were made public.
(Source: TedPillows, X)
If this trend continues, XRP crypto, the Bitcoin price, and ETH USDT will likely clear key liquidation levels and claw back losses posted on October 10.
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U.S. CPI Data: Will BTC USD, XRP Crypto, and Ethereum Price Rally?
- U.S. CPI data delayed to October 24
- Will YoY CPI data fall below the expected +2.9%?
- BTC USD capped below $115,000
- Will Bitcoin and top altcoins rally before this new release?
The post Will BTC USD, XRP Crypto, and Ethereum Price Rally Ahead Of U.S. CPI Data Release? appeared first on 99Bitcoins.
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