It's CPI day.

One of the most important days of the month as it clearly defines the trajectory going forward.

CPI projects:

CPI Y/Y: 3.4%

CPI M/M: 0.1%

Core CPI Y/Y: 2.5%

Core CPI M/M: 0.2%

It's relatively simple for#Bitcoinand risk-on assets.

If the upcoming data comes in lower (means: better), then the expectations are:

- Yields go down

- Dollar could go down

- Risk-on assets including#Bitcoinhave a strong move upwards.

- Expectations for a FED rate hike will go down

Recent data points in June and July have been softer, and as a result,#Bitcoinrallied up by 11% and 8%.

Clearly, if this isn't the case and the data might be hitting higher grounds, we'll need to be aware of the fact that#Bitcoincan easily continue falling down to $60,000.