The crypto space is undergoing a roller coaster ride nowadays. The prices of the majority of the cryptos have been varying to a large extent without letting out any confirmations. However, a couple of events are lined up to maintain the volatility within the markets and eventually, compel the traders to hold their breadth tight.
The US CPI rates are set to be released at 6:00 p.m. IST, pondering the netizens as to whether the inflation rates will rise or drop. This is believed to have a large impact on the economy and specifically on the crypto space.
Besides, the FOMC minutes are also set to roll out at 11:30 EST, which is expected to reveal the FED’s stance on interest rates and monetary policy. Lastly and most importantly, the Ethereum Shanghai upgrade, which is only a few moments away, is believed to have a major impact on the crypto space.
The Bitcoin price has been impacted after the release of fresh inflation rates. Whenever the inflation rates soared, the BTC price also received a bullish push. Besides, lowered CPI rates resulted in an extended period of consolidation.
Now when the fresh CPI forecast is slightly slowdown as a drop to 5.2% is expected from the current 6%, the extended consolidation is expected to prevail for a long. Or else, if the bears intensify their actions, a drop below $27,00 may also be possible in the short term. Meanwhile, the long-term forecast continues to remain largely bullish.
Collectively, the next 24 hours can be considered more important for the entire crypto space, which may witness massive deviations. However, the bulls may continue to hold the Bitcoin (BTC) price above the major support levels in case of bearish interference and continue to propel high toward the higher targets.
Source: https://coinpedia.org/price-analysis/top-3-major-events-that-could-have-a-big-impact-on-the-crypto-space-in-the-next-24-hours/