Bitcoin is likely to be affected by the inflation report coming soon. $BTC
As a source, he cited the @GreeksLive analytics Twitter handle, who shared more details on the upcoming inflation report release.retail inflation index
to decline to 4.1%. This may have a short-term effect on the Bitcoin price, @GreeksLive says, as the previous CPI reports this year did. While the inflation on all metrics surged to 9% a year ago, in March this year it came down to 5%. The analyst adds that the upcoming Binance hearing is making the crypto community very much concerned as these events are likely to affect the entire cryptocurrency market. @GreeksLive stated that as these two major events are due, the daily option IV has increased to the level of 50%, while less than a week ago it sat at less than 30%. IV usually goes up during bearish markets.
In the next 12 hours, the US May CPI data will be released, the market is expected to drop sharply, and the Binance hearing will be held; the concentration of these two big events has pushed the daily option IV up sharply, which is now back above 50% , nearly doubling compared to…
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