The The price of Bitcoin the markets were surprised with a sharp move, retaking the high levels of resistance and pushing to the area of $ 73,000, although the US CPI published its highest level in 22 months. This surprised many people, because the rise in the prices of goods indicates a recession and a decline in the economy.
Instead, BTC moved higher—following the strength of the US trade and risk markets—bringing up a difficult question: why are the markets trading on what appears to be no profit?
CPI Comes in Hot—But Markets Look Ahead
The latest US CPI came in at ~3.5% YoY (vs. 3.4% expected, 3.2% previous), marking the highest rate in nearly two years. Inflation remained high, fueling concerns that price pressures are not cooling enough.
Under normal circumstances, this would strengthen the case for the hawkish Federal Reserve, slow down inflation and tighten currencies – which are as cheap as Bitcoin.
However, the markets reacted differently.
With traders already cautiously ahead of the release, the data failed to trigger a new low. Instead, it acted as a repositioning tool, allowing Bitcoin and equities to move forward as uncertainty was removed.
Bitcoin Price Analysis: Retrieving High Range, Eyes on Breakout
Bitcoin has retaken the $70K–$72K range, pushing to the upper border of the consolidating region that has been up in price over the past few weeks. This level previously served as a resistance and is now being tested as a support, indicating a possible retracement. The latest move from the $65K income zone shows strong consumer interest, with prices making high and low lows.
Momentum indicators help to move. The RSI is moving above 60, indicating a strengthening trend, while the CMF is little changed, indicating a bearish trend. However, the price is now approaching a major resistance area near $75K, which is in line with previous resistance levels. A clean break above this level could pave the way to $78K–$80K, while a failure above $70K–$72K could lead to a $65K grant withdrawal.
What’s Next for Bitcoin Price?
The movement of Bitcoin shows an important point that affects money but not capital. Despite the hot CPI, sales pressure failed to follow. Buyers entered at high levels, therefore, the price broke above the most important resistance level. This indicates that the market was under-dated, creating a tight spot as shorts closed and ran.
This is no longer about CPI, but I am following it. If the price is above the support between $70,000 to $72,000, the continuation remains up to $75,000. Even a failure could cause a drag and force the price of BTC to remain consolidated.
Trust CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our team of expert researchers and journalists, following strict Editorial guidelines based on EEAT (Effectiveness, Expertise, Validity, Trustworthiness). Each article is checked against the standard to ensure accuracy, transparency, and reliability. Our review policy ensures an unbiased review when we develop exchanges, platforms, or tools. We strive to provide timely updates on everything crypto & blockchain, from startups to industry executives.
Investment Disclaimer:
All opinions and information shared represent the author’s opinion on market conditions. Please do your own research before making any financial decisions. Neither the author nor the publisher is responsible for your financial decisions.
Offers and Promotions:
Sponsored content and affiliate links can be viewed on our website. Advertisements are clearly identifiable, and our content is not independent of our advertisers.
