Bitcoin (BTC), Ethena (ENA), and Celestia (TIA) prices have held steady this week as attention shifts to the upcoming US Consumer Price Index (CPI) data. BTC was trading at $59,455 on Tuesday morning, higher than this month’s low of 49,000.
Ethena, the creator of the USDe stablecoin, was trading at $0.3223, 45% higher than last week’s low of $0.2255. Celestia (TIA), the fast-growing modular network, was trading at $5.68. This price action is mirrored across the altcoin market, with most tokens rising by double-digits from their lowest points last week.
Economists believe that US annual inflation remained above the 3% mark in July, a move that could put pressure on the Federal Reserve. The most likely estimate is that the CPI rose to 3.0% while the core CPI, which excludes volatile food and energy prices, fell from 3.3% to 3.2%.
On a monthly basis, the headline CPI is expected to move from -0.1% to 0.2%, while the core CPI is expected to move from 0.1% to 0.2%.
These numbers will come as the market has priced in a rate cut in the September meeting, a move that the Fed may clarify at the Jackson Hole Symposium later this month.
The general view, as analysts at Evercore noted, is that this will be a labor-first interest rate cut since the unemployment rate has risen from last year’s low of 3.5% to 4.3%, the highest point since 2021.
A lower inflation figure than expected will likely point to higher Bitcoin, Ethena, and Celestia prices since they will lead to more bets on rate cuts. A higher number, on the other hand, will likely lead to a brief pullback since it will complicate the Fed rate cut view.
Celestia price analysis
![Celestia price](https://www.banklesstimes.com/wp-content/uploads/2024/08/Celestia-Price.png)
The 4H chart shows that the ENA price bottomed at $4 last week as most tokens crumbled. It has bounced back and was trading above the psychological point at $5. The coin has also moved slightly above the 50-period Exponential Moving Average (EMA).
Notably, the ENA token has also formed a small double-top pattern with a neckline of $5.10. Therefore, the most likely scenario is where the coin retreats after the CPI data. If this happens, it could drop to the neckline at $5.10.
Bitcoin price forecast
![Bitcoin price](https://www.banklesstimes.com/wp-content/uploads/2024/08/Bitcoin-Price-2.png)
Meanwhile, Bitcoin was consolidating at the $59,000 level on Tuesday morning. This price was at the 50-period moving average and was above the key support at $57,703. The MACD indicator has pointed downwards while the coin has formed a small double-top pattern at around $62,000.
Therefore, while the outlook is neutral, the market has a bearish bias that will be confirmed if the price drops below Monday’s low of $57,700. If this happens, the next point to watch will be $55,000.
Ethena price prediction
![Ethena price](https://www.banklesstimes.com/wp-content/uploads/2024/08/Ethena-Price.png)
As shown above, Celestia TIA’s price closely resembles that of Ethena, as the two tokens have formed a small double-top pattern. ENA’s double-top was at $0.3393, while its neckline was at $0.30.
Therefore, unless there is network-specific news, the ENA token will likely drop as sellers target the key support at $5.10 after the CPI report. This view will become invalid if the price rises above the key resistance point at $0.30.