Bitcoin price squeeze expected as major events come closer
The Bitcoin (BTC) price is expected to squeeze if the August Consumer Price Index (CPI) rises further and the collapsed crypto firm FTX gets approval for liquidation. According to the market analyst with the X (formerly Twitter) handle CrypNuevo, the U.S. CPI, scheduled for Sept. 13, might see an upsurge from 3.2% to around 3.6%. This could trigger FUD (fear, uncertainty, and doubt) among investors, which might ultimately initiate a selling pressure. Moreover, another bearish expectation comes from the possibility of FTX’s liquidation. The bankrupt crypto platform reportedly has roughly $7 billion in physical and digital assets. If FTX gets the approval to liquidate assets and CPI comes above 3.6% on Wednesday, it's going to be an absolute bloodbath. I am not predicting what the actual CPI results will be, but I'm hoping that CPI comes <3.6% to make up for next month's expected CPI increase. — CrypNuevo (@CrypNuevo) September 10, 2023 Per CrypNuevo...