Bitcoin starts the week well and breaks through the $17,000 mark

US inflation

In the week ahead, most traders are focusing on US inflation. It comes on Thursday. The CPI is expected to come in at 6.5 percent, which would represent a 0.6 percent decline from last month. We also get core inflation (CPI minus food and energy) which is forecast at 5.7 percent. Last month it came in at 6.0 percent.

In combination with the strong job market, none of this is, in principle, good news for Bitcoin and the rest of the financial market. After all, the Federal Reserve’s goal is to bring inflation down to 2.0 percent. Over the past year, the Federal Reserve’s interest rate hikes have been a major factor in Bitcoin’s price declines.

In that respect, it is to be hoped that they will soon succeed in reducing inflation to 2 percent. Another way to stop interest rate hikes and possibly even get interest rate cuts is a recession. It just feels strange to hope for that, because that also brings a lot of unemployment with it.

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