Bitcoin Approaching $22K, Market Gets New Reason to Celebrate?

Bitcoin has gained $500 in the past hour as the U.S. potentially confirms what could be a short-lived peak in inflation metrics. The U.S. Central Bank, and the Federal Reserve (Fed), will hold an important event today, and the crypto market might see a bullish continuation. Related Reading: TA: Ethereum Loses Steam, Why 100 SMA Is The Key For More Gains At the time of writing, Bitcoin (BTC) trades at $21,800 with a 1% profit in the last 24 hours and a 6% loss in the past 7 days. The cryptocurrency was rejected north of $22,000 and seems to be on track to re-test those levels of resistance. A spike in inflation has been one of the macroeconomic factors negatively impacting Bitcoin, the crypto market, and risk-on assets. The Fed has been trying to slow down inflation and might succeed which could allow them to ease their monetary policy. Inflation is measured by several metrics in the U.S., but the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) are two of the most important. The former hinted at a decrease in inflation at the start of August when it printed an 8.5% for July 2022. Expectations were aiming at a CPI print above 9%, but the positive results led to a Bitcoin and overall relief rally across the crypto market. Now, the U.S. published its PCE metrics which stood at 0.1%, coming in from 0.6%, which positively beat market expectations. On this metric and the potential to support a fresh rally, anal...