Bitcoin (BTC) moved higher on July 12, just hours before key macroeconomic events of the week.

BTC/USD 1-hour chart. Source: TradingView

CPI set to hit lowest level since March 2021

Data from Cointelegraph Markets Pro and transaction view As BTC price momentum slowly approaches $31,000.

The largest cryptocurrency has seen little movement at the start of the week, with localized highs and lows still well defined.

Analysts are looking for a recalibration following the release of the June US Consumer Price Index (CPI) due to tight spot price liquidity.

The CPI is roughly expected to be around 3.2% (lowest score since March 2021), which should show continued moderation in US inflation.

“Cleveland Fed, University of Michigan and Truflation all expect similar numbers,” financial commentator Tedtalksmacro famous This is part of the analysis for the day.

US inflation chart. Source: Tedtalksmacro/Twitter

Traders acknowledged that flash swings can be deceptive, as bitcoin tends to determine its trajectory after data is released.

Daan Crypto Trades said: “It is very likely that we will see the common ‘Darth Maul’ candle, where the high and low of the low time frame are made shortly after the CPI.” explained.

“From then on, usually picks the true direction of the day and then can target the 31.1K or 30.2K levels (I think).”

BTC/USD annotated chart. Source: Daan Crypto Trades/Twitter

“The 4 previous CPI releases all followed a very similar pattern to Bitcoin,” said trading suite Decentrader Add to that day.

“Volatility liquidates everyone both ways, and then prices go back to where they were before the CPI release.”

Bitcoin ‘Looks Good,’ Mimics Bull Market Move

On longer time frames, popular trader Mustach considers the possibility of a repeat of the classic bull market.

Related: Consumer Price Index (CPI) and Bitcoin Supply Slump – 5 Things to Know About Bitcoin This Week

He noted this week that the BTC/USD monthly chart is breaking above the 20-period simple moving average (SMA).

“Every time BTC closes above the 20 moving average on a monthly basis, it is the ultimate confirmation of a bull market. It has never fallen below this line (except for the new crown crash) in the next two years,” he commented, And added that the current situation “looks good”.

BTC/USD annotated chart.Source: Mustache/Twitter

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