Traders are bracing for U.S. Consumer Price Index data this week, with a positive print likely influencing Bitcoin’s next price rise, analysts say.
Coupled with strong nonfarm payroll numbers, the “Uptober” narrative has helped buoy support for the world’s largest crypto at around $60,000, according to digital assets firm QCP Capital.
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“After a shaky start, Uptober seems to be back on track,” QCP Capital wrote in a note on Monday. “Bitcoin is as at similar levels to where it started last Monday.”