The CPI report will be followed by the Federal Reserve’s Federal Open Market Committee meeting on Dec. 13-14 where the central bank is expected to hike rates by 50 basis points, according to the FedWatch Tool.
The outcome of the events next week could increase the volatility in Bitcoin (BTC) and result in a trending move.
Also Read : What is stagflation, and how could it impact the cryptocurrency markets?
Daily cryptocurrency market performance. Source: Coin360
After a terrible year that saw some high-profile cryptocurrency companies go bust, the bulls will expect 2022 to end on a strong note. Bears will also try to maintain their stronghold and extend the decline in the next year.
What is the path of least resistance in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The bulls successfully held the $16,787 support on Dec. 7, indicating strong demand at lower levels. Buyers propelled Bitcoin back above the 20-day exponential moving average ($17,004) on Dec. 8.
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