"Do investors think the price of BTC will go up or down when the CPI data comes out later?"
The price of the mother of all cryptocurrencies Bitcoin (BTC) is currently hovering below the $28,000 level as investors await the release of the United States (US) Consumer Price Index (CPI) data today.
According to Michael van de Poppe, the founder and Chief Executive Officer (CEO) of trading company Eight said that BTC is still in a downward trend but the price of the digital asset will see volatile movements during the CPI data.
Even so, BTC is able to recover if there is a difference in the price increase in the number of transactions, said Poppe again, adding that the Games of Trades has predicted that the digital asset will plunge drastically in the future.
In addition to fellow Crypto trader Toney warning of a BTC price drop, Poppe also revealed that the digital asset may slip to $24,000 or even lower.
While in one of Quicktake's blog posts on May 10, they suggest investors to pay attention to the $25,600 support level as most traders have bought BTC at that price range.
As of this writing, BTC price has jumped by 0.74% to $27,824 in the last 24 hours with a market cap of $538 billion but is still down 2.58% over the last week.
While the second largest crypto Ethereum (ETH) gained around 0.25% at the level of $1,852 in the last 24 hours with a trading volume of $6 billion, then Ripple (XRP) climbed 0.60% at $0.43 and slipped 7.14% in the last seven days.
