The crypto space is experiencing a rollercoaster ride right now. The prices of most cryptos have been fluctuating greatly without leaving any record. However, a couple of events line up to maintain volatility within the markets and eventually force traders to maintain their tight amplitude.
The US CPI rates will be released at 6pm IST, and netizens will ponder whether inflation rates will rise or fall. This is believed to have a huge impact on the economy and specifically the crypto space.
In addition, the FOMC minutes will also be released at 11:30 EST, which is expected to reveal the Fed’s stance on interest rates and monetary policy. Lastly and most importantly, the Ethereum Shanghai upgrade, which is just a few minutes away, is believed to have a major impact on the crypto space.
The Bitcoin price has taken a hit after the release of new inflation rates. Every time inflation rates spiked, the BTC price also received a bullish boost. Furthermore, the lower CPI rates resulted in a prolonged period of consolidation.
Fountain: Twitter
Now, with the new CPI forecast slowing down slightly as it is expected to fall to 5.2% from the current 6%, extended consolidation is expected to prevail for a long time. Or, if the bears step up, a drop below $27.00 may also be possible in the near term. Meanwhile, the long-term forecast remains mostly bullish.
Collectively, the next 24 hours can be considered more important for the entire crypto space, which may witness massive deviations. However, the bulls may continue to hold Bitcoin (BTC) price above major support levels in the event of bearish interference and continue to push towards the higher targets.
This post Top 3 major events that could have a huge impact on the crypto space in the next 24 hours
was published first on https://coinpedia.org/price-analysis/top-3-major-events-that-could-have-a-big-impact-on-the-crypto-space-in-the-next-24-hours/
