U.Today – MicroStrategy President Michael Saylor has shared an epic reaction to the rise of (BTC) following the release of Consumer Price Index (CPI) data.
Michael Saylor's reaction
According to the latest data from CoinMarketCap, Bitcoin is trading at $64,222, which represents an increase of 3.98% in the last 24 hours. This rise in Bitcoin price is quite notable as the cryptocurrency has failed to cross the $64,000 mark in recent times.
Notably, the increase follows the release of US Consumer Price Index (CPI) data, which shows a year-on-year drop of 3.4%. This data aligns with analyst expectations and explains the reason behind the rise in Bitcoin price.
Index swap traders now anticipate a faster pace of rate cuts following the latest CPI data. Additionally, the Federal Reserve is expected to reduce borrowing costs in September and December.
As U.Today previously reported, Saylor predicted that U.S. pension funds, which collectively manage more than $27 trillion in assets, will need “some Bitcoin.”
What's next for Bitcoin?
During the recent BTC price drop, volume analysis showed increased buying activity. This indicates strong buyer support at lower price levels.
Typically, this accumulation phase usually precedes a price rally, as investors take advantage of lower prices to build their positions.
As investors await the next price levels of major digital assets, it is worth noting that volatility is inherent to the cryptocurrency market.
This article was originally published on U.Today.
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