Economists have predicted that inflation will increase to 3.4% annually, according to a recent report by The Wall Street Journal. Inflation has been higher than anticipated in both January and February, as reported by the WSJ.

The Federal Reserve's decision on when to reduce interest rates is heavily influenced by the control of inflation.

Bitcoin's price has dropped below $69,000, as per CoinMarketCap at the time of writing.

Whales have been observed trying to lower the price, as reported by Material Indicators on a trading platform. These whales are aiming to enter new long positions.

The liquidity blocks on both sides of the price have been shifting downwards, suggesting that whales who shorted the market are attempting to reduce the price to reach their profit targets before switching to long positions.

This behavior is commonly observed around economic reports, and if the Core Inflation figures for today are higher than expected, they will likely be able to extend the downward trend.

Material Indicators' analysis indicates that, in such situations, whales tend to buy the dip and exploit the resulting void in upside liquidity for a brief upward movement.

Currently, Bitcoin is only nine days away from its halving event, which is scheduled for April 20.

Earlier today, we reported that Marathon Digital Holdings Inc. CEO Fred Thiel stated in a Bloomberg interview that the Bitcoin halving rally has already been partially accounted for. Thiel believes that the approval of BTC ETFs, which has been a significant success, has brought in capital to the market and advanced "what could have been the price appreciation we typically would have seen three to six months post halving."