It feels like yesterday when the February CPI announcement was made in March, but a month has passed, and the announcement of the March CPI index is just a day away. The US consumer price index (CPI) announcement will be on April 12, 2023.
Perhaps because of this, Bitcoin finally touched 30K this morning! However, there was no particularly favorable news, and it seems that the increasing volatility ahead of the CPI announcement led to a concentration of long positions. In addition to the CPI announcement, the FOMC meeting minutes will also be released, so be cautious of volatility around the announcement time.
The CPI index has been gradually declining since September 2022. This time, the CPI announcement is expected to be 5.2%, and it is curious whether it will exceed or fall short of the estimate. Personally, I think it might come out slightly below at around 5.1%. Does that mean the coin will skyrocket!? That seems like a different issue.
Since March, the unnecessary steep rise of Bitcoin has increased anxiety. It would be nice if it went up slowly or there was a clear reason, but it has reached $30,000 without any apparent reason, and it worries us how far it will fall again after reaching 30,000 dollars.
The current US central bank interest rate is 5.00% after raising it by 0.25% in March 2023. It seems likely to increase by 0.25~0.5% within 2023, but it would be great if they could freeze the interest rate until the end of the year.
Looking at Bitcoin, it suddenly started to rise and eventually reached 30K as everyone expected and hoped for. We’re used to fluctuations up or down the day before the CPI announcement, but it’s been a long time since we’ve seen such a large consecutive rise, making it hard to adapt.
Fortunately, I was successful in profiting from a short position last week, and it now seems to be my turn for a long position. I opened long positions on altcoins since last Friday. The price moved sideways from the weekend to Monday, but it soared early this morning, bringing profits.
However, my GALLA coin short position for hedging was liquidated. Still, the rest of the coins’ long positions rose so much that the profit rate is much higher.
Crypto news of FTX Japan preparing for a reopening has been circulating, and Solana alone recorded over 200% profit. I sold all of my Solana right away in the morning and took profit. Aptos and Phantom Coin also reached a profit rate of over 100% around 3 PM, and I immediately took profit on all of them. Since tomorrow is the CPI announcement, it would be safer to realize profits right away if you’ve made a profit. It would be unfair to lose it all again after being greedy!
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