"Everyone must be impatiently waiting for the CPI data tonight, where do you think the price of BTC will move?"
Continuing to weaken, the price of cryptocurrency king Bitcoin (BTC) fell further to $66,000 amid investors gearing up to watch the release of Consumer Price Index (CPI) data as well as the Federal Open Market Committee (FOMC) meeting.
The sudden pullback resulted in liquidations of more than $250 million in leveraged derivatives trading positions across all digital assets, marking the second significant leveraged liquidations in a week after last Friday's $400 million liquidations.
Through observation, BTC can see volatile movements today as its price is very responsive to recent economic data and the 30-day correlation with United States (US) equities has risen to its highest level since 2022.
So here it can be seen that investors will not only monitor the interest rate survey of the FOMC members to see the amount of interest cuts projected by policymakers this year but Fed Chairman Jerome Powell's press conference which could be the most important driver for the price of BTC.
There is no denying that the US authorities who may not cut interest rates have investors worried about the performance of BTC, but the price is said to be resilient due to the continued inflows in spot BTC ETFs.
It is also well known that a whale that has been inactive for five and a half years has moved 8,000 BTC worth $536.5 million from the Coinbase cold storage wallet to the Binance deposit address.
As of this writing, BTC price has plunged by 3.35% to $67,075 in the last 24 hours with a market cap of $1.3 trillion and has recorded a 5.54% decline over the past week.