The price of Bitcoin touched the $37,900 level last week for the first time since May 2022 before retreating to $36,664 at the beginning of Tuesday's trading.
Bitcoin traders are currently cautious, as the core Consumer Price Index, excluding volatile items such as food and energy, is expected to show a long-term inflation trend at 4.1% on an annual basis and 0.3% every month.
Economic data typically has short-term effects on Bitcoin price fluctuations. Higher inflation figures usually lead to short-term decreases in Bitcoin prices, while long-term price expectations depend on stimuli and regulatory events, such as the approval of a Bitcoin exchange-traded fund (ETF).
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