For the price of Bitcoin, the trend of the rest of January may have been clear today. The key is: will Bitcoin continue its mini bull market, or will it adjust? It is determined by the consumer price index (CPI) published at 8:30 a.m. US time today.

The relativity of the baseline is clear. Most people think that 6.5% is an important factor to measure the short-term bull market or the stock market bear market. If this figure is 6.3% or lower, the bull market will be put aside because the forecast and analysis of the open market operation committee of the Bank of America will not be reliable.

Between 6.3% and 6.5%, the sales market may be cautious, although it may have been priced. Between 6.5% and 7.1%, there will be sales.

And it may be accurate. CPI is 6.5%

According to the leader of this commercial bank, JPMorgan Chase has already released its own game plan and called on the probability that the customer's cpi index is between 6.4% and 6.6% to be 65%, which may cause the S&P 500 index to rise by 1.5% to 2%.

According to JPMorgan Chase, the two cases with relatively small probability are that the CPI is less than 6.4% (20% probability), which may mean that the S&P 500 index will increase by 3% to 3.5%. JPMorgan Chase indicated that under the worst case scenario, the CPI was higher than 6.6% (1.5%), which may represent a decline of 2.5% to 3.5% in the S&P 500 index.

With the increasing beta value of Bitcoin, today's CPI data information may cause more turbulence in the cryptocurrency market. It should also be fully considered that BTC price has experienced tough operation before delivery; This also makes the market more sensitive to CPI data information.

Even if the value is less than 7.1% of the previous month, it should be significantly reduced to meet the high expectations of the market.

Bitcoin price - the level of concern today

It is not difficult to find out that Bitcoin investors released the so-called proactive CPI data information early by querying the one-hour chart. In the past 24 hours, the price of BTC has increased by 4.2% to 18196 US dollars as of the publication.

As a result, the price of Bitcoin encountered upward friction resistance of US $18238. If data information is beneficial, it should be an easy daily task for Bitcoin to improve this friction.If the CPI is higher than 6.5%, the duopoly will have to defend the support of US $17609 first. However, the more important applicable level of Bitcoin is US $17322.

Take a look at the chart of the 1st day and you can find a similar situation. On the upside side, the segment between US $18.238 and US $18.382 may be particularly important for determining whether the price of Bitcoin will quickly return to the top of US $19000. This is probably the next important resistance waiting area.

On the one-day chart, the price of Bitcoin is expected to reach US $19000 | Origin: BTCUSD in TradeView.com