Bitcoin Hits Important Price Milestone Today

Bitcoin (BTC) is up at the moment, having come out of a slump and achieving a price point of $56,790 (BTC/USD) for Wednesday morning.

The crypto token has been down for weeks, suffering from low consumer sentiment and pressure from various economic factors that has kept it under the crucial $60K price level. The coin is still low in comparison to where it was over much of the summer, but it is regaining some lost ground.

In fact, Bitcoin has made a key pricing achievement today, as it is now up for the last 7 days. The token has suffered in recent weeks where its overall progress for a period of 7 days has been negative, but it has finally broken that barrier and is up by 0.35% for the last week.

Pricing Factors to Know about

Investors should be aware of some current and upcoming pricing factors that could impact Bitcoin. The US CPI (Consumer Price Index) data is coming in around lunchtime today, and the expectation is that this report will show a 2.6% increase. As bad as that may be, it is slower than the 2.9% increase we saw the previous month.

Investors should also know that the Federal Reserve is getting ready to cut interest rates, and those cuts should be coming later this month. Data like the CPI report will  be used to determine how big those cuts should be.

Those are the two factors most likely to affect Bitcoin’s pricing this week, so investors should be watching those closely to have an indication of where the token might be headed.

For the day, Bitcoin is down 0.92%, and these factors today may influence it to move down further to surge upwards, depending on how the numbers pan out. There is substantial fear and uncertainty surrounding the crypto market at the moment, particularly Bitcoin, which has proven to be unreliable following the Bitcoin halving earlier this year. The coin has simply not moved in the way that analysts have expected, though there are still some industry experts that say the coin is due for a sky-high bull trend in the near future.