BITCOIN REACHES FOR NEW HIGHS AS CPI DATA IS RELEASED
BITCOIN SETS A HIGH NOT SEEN IN THE CRYPTO MARKET IN OVER 9 MONTHS
BTC jumped in price to $26,000 for the first time in nine months Tuesday morning. Before the jump, Bitcoin was trading around $24,700, making that more than a 2% leap in 24 hours. BTC accumulatively BTC had seen a rise of about, 36% in the last 5 days.
It is assumed Bitcoin’s price appreciation followed the release of the February Consumer Price Index by the Bureau of Labor Statistics (CPI).
CPI inflation fell to 6% in February, down from 6.4% in January. With the other aspects of the data release, the core rate of inflation, this does not include things like food and energy expenses, had seen a rise of 0.5%, this gives a definitive 0.5% increase from January’s data.
In conjunction, depositors of Silicon Valley and Signature Bank were issued a reassuring statements from the FDIC on Monday. Many think that BTC’s a sharp climb has been set forth by the banking sector’s continuous recovery from near catastrophe.
BITCOIN’S OUTLOOK, WILL IT CONTINUE? OR DOES THIS SIGNAL BULL TRAP?
At the moment, things may look to be bullish for investors around the crypto space. The only worry on the radar to look out for, would be a bulltrap in lieu of the Federal Reserves meeting coming up, regarding the CPI data. The stock market and the crypto market are particularly volatile during this meeting. Usually, the first move experienced may not actually indicate the direction that the market may actually move in. (A tid-bit of information from a chart analyst, Conferment_RM)
By the looks of the one day chart, the RSI (Relative Strength Index) is not particularly in a bad place for price appreciation still. Sitting at a comfortable zone for continuation at a 64, BTC would have to see a clear break through $25,288, and revisit its high of slight resistance at $26,563. Through here, the target would be set at $28,400.
If BTC is to be over exhausted, seeing a retest of $24,062, $23,580, and $23,099 would be the targets for a price floor. The bullish continuation for the market would set $24,062 as the current floor for retest, and use this for stability moving forward.
