Bitcoin Price Dependent on Inflation Data Release

According to crypto analyst Markus Thielen, Bitcoin's price action is heavily influenced by inflation, with a CPI result of 3.3% or lower being crucial for a new all-time high.

Thielen emphasizes that Bitcoin's movements are not random and are primarily driven by critical factors like inflation. He points to instances where higher-than-expected CPI results have led to Bitcoin price declines.

In the past two weeks, spot Bitcoin ETF inflows have been strong, and Thielen anticipates they will remain positive until the May CPI results are released. However, if CPI exceeds expectations, momentum could weaken.

Thielen also notes the impact of spot Bitcoin ETF launches on inflows, highlighting that disappointing inflows in January were due to higher-than-expected CPI results.