CPI to spark dollar ‘massacre’ — 5 things to know in Bitcoin this week

cointelegraph.com:

Bitcoin (BTC) starts the week on a firm footing as bulls send BTC price to a new 10-month high weekly close.

After a relatively calm week, last-minute volatility is getting traders excited at the prospects of a repeat attack on $30,000 resistance — but a lot stands in the way.

In what is set to be a significant week of macroeconomic data releases, the Consumer Price Index (CPI) print for March is due April 12, along with fresh insights into Federal Reserve policy.

Add to that the Ethereum Shanghai upgrade and it’s a recipe for volatility. How will Bitcoin react?

Volatility correlations between the largest cryptocurrency and traditional risk assets are inverting, data shows, while sentiment data also suggests little appetite for sudden selling among the hodler base.

Cointelegraph takes a look at the status quo in the run-up to what promises to be a week that keeps market participants on their toes.

A familiar event leads the week’s macro calendar, with U.S. CPI data due for March.

The release, this time on April 12, traditionally accompanies heightened volatility in risk assets, making that date a key area to watch for “fakeouts” in crypto markets.

The Federal Reserve will further produce the minutes of its latest Federal Open Market Committee (FOMC) meeting, during which it opted to continue raising interest rates.

Key Events This Week:1. March CPI inflation data on Wednesday2. Fed minutes on Wednesday3. March PPI inflation data on Thursday4. Consumer sentiment data on Friday5. Retail sales data on Friday6. 4 Fed speakers this weekThis week determines what the Fed does next.

The environment is thus somewhat complicated when it comes to CPI’s impact on asset performance. While traders want to see inflation receding faster than