QCP Capital: optimistic about US CPI data and FOMC meeting results

Bitcoin and ethereum spot prices remain range-bound as traders await tonight's Consumer Price Index (CPI) data and the outcome of the Federal Open market Committee (FOMC) meeting, Singapore-based crypto investment house QCP Capital posted. We are optimistic about tonight's events for the following reasons:1. Yesterday, Bitcoin futures swap points bounced off of their 10% lows and rose as traders took profits on their underlying trades by closing out their short futures positions. With any catalyst, we could easily see yields pushed above the 15% level.2. Today we observed heavy buying of June 13 futures contracts along with a significant increase in funding rates, suggesting that the market is gearing up for an upturn.3. With the stock market hitting a record closing high for the second consecutive session, we believe that the expected CPI data and neutral FOMC results could push the cryptocurrency market to test its highs again.