Crypto Magic Reveals The Fate Of Crypto After The Release Of This Week's Inflation Data

Illustration of crypto assets (photo: Pixabay)

JAKARTA - Bitcoin is recovering again on Monday, August 12 until it reaches the level of 60,700 (Rp952 million), again rising after the decline that occurred over the weekend.

Meanwhile, on Tuesday, August 13 at around 08:00 WIB Bitcoin (BTC) moved at the level of 59,800 US dollars or equivalent to Rp938 million.

This week, Bitcoin is struggling to stay above $59,000. However, if there is a refusal in the resistance area of US$60,000 (Rp941 million), then BTC has the potential to weaken back to around US$57,000 (Rp894 million) support, explained the Financial Expert. Magic Crypto, Panji Yudha.

Panji also emphasized that this week, the crypto asset market is expected to be heavily influenced by a number of important economic data. On Tuesday, August 13, the July Producer Price Index (PPI) report will be released.

"This report reflects the price of input for manufacturers and manufacturers, which measures the production costs of consumer goods and directly affects retail prices," he explained.

In addition, the consumer price Index (CPI) report for July which will be released on Wednesday, August 14 will also provide a broader picture of inflationary pressures.

"This week's inflationary data will determine the next Federal Reserve policy, which could have a significant impact on the dynamics of the Bitcoin market," Panji said further.

Meanwhile, Jackson Hole's annual conference held by the Federal Reserve Bank of Kansas City on August 22-24 is also a focus, in which Jerome Powell's speech is predicted to provide an important signal regarding future monetary policy direction, which will greatly affect Bitcoin's volatility.