The unexpectedly high Consumer Price Index (CPI) report caused Bitcoin (BTC) price to slip, letting go of its hold around the $70,000 mark. The cryptocurrency’s value reached a 24-hour low of $67,503.57, down from its peak of $69,568.55 that day.
The Epic Bitcoin Price Rejection
Starting this month, Bitcoin’s price has been quite volatile. It reached a peak of $70,849.23 on the first, but then experienced a significant drop, bringing the price down to $64,630 by the second.
In simpler terms, the influence of Bitcoin ETFs being traded on spot markets hasn’t boosted the price of Bitcoin as significantly as it did earlier this year, causing the asset’s value to fall short of its all-time high above $73,000.
Noteworthy is the continuous acquisition of Bitcoin (BTC) daily by Exchange-Traded Fund (ETF) issuers. Yet, the price of BTC is currently in a holding pattern, making it challenging to discern subtle changes.
Currently, Bitcoin’s price is stabilizing near $69,340.88 following a modest 0.88% increase. This gain signifies a rebound after the cryptocurrency dropped more than 6% when the US Bureau of Labor Statistics (BLS) reported a higher-than-expected Consumer Price Index (CPI) for March at 3.5%. Analysts had predicted an inflation rate of 3.4% prior to the announcement.
Due to the increased inflation, the probability of a rate reduction is significantly decreased. President Joe Biden has also indicated that any potential interest rate reductions could be postponed for an extended period.
Bitcoin Whales Might Offer Needed Support
Bitcoin magnates may be taking advantage of the present market conditions to buy large amounts of Bitcoin at lower prices.
The data from IntoTheBlock indicates that approximately $57.07 billion worth of Bitcoin was purchased in the last 24 hours. This substantial amount surpasses the usual buying capacity of known large-scale Bitcoin investors, including ETF issuers.
On April 9, there was an increase from 16,710 to 19,430 in Bitcoin transactions involving large investors, or whales. This surge could be a sign of upcoming price growth, as several positive factors are lining up before the Bitcoin halving event. These conditions might lead to a significant price rise and help establish Bitcoin’s new support level around $70,000.
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2024-04-10 21:31