- Bitcoin prices hit $26,553 highs on Coinbase with 16% increase in 24 hours.
- Inflation data from the US showed that CPI increased 6% over the past twelve months, according to February’s figures.
- Data from on-chain suggests that the BTC price could shoot up to $30,000 in a short time.
Bitcoin rose sharply on Tuesday to surpass $26,000, as the crypto-market reacted positively the US Department of Labor’s most recent Consumer Price Index (CPI).
Bitcoin rises to $26k as market reacts to CPI data
TradingView data showed that Bitcoin’s price jumped 16% to $26,553 on Coinbase.
Bitcoin price climbed above $26,000 on Tuesday Chart courtesy Of TradingView
As noted yesterday, BTC price soared from lows of $20,000 to break above $24,000 – the bullish sentiment buoyed by the US government’s actions in the wake of Silicon Valley Bank’s collapse.
On-chain data shared According to market research platform IntoTheBlock Bitcoin faces very little selling pressure, around $30,000.
The Bitcoin On-chain Ownership Indicators are showing very little new selling pressure until we reach $30k $BTC.https://t.co/9Mt8pOZD34 pic.twitter.com/DoAAxdX7lF
— IntoTheBlock (@intotheblock) March 14, 2023
CoinGecko aggregate market data revealed that the total crypto market capital has increased by more than 14 percent as major altcoins, such as Ethereum or BNB, hit highs at $1,750 and $215 respectively.
According to the US Department of Labor CPI increased 0.4% in February, and 6% last year. This is consistent with market expectations. The data revealed that the pace of inflation in the United States had increased at its lowest rate since September 2021. Core CPI, which includes volatile food and energy items was also lower than expected.
Stocks also opened higher on Tuesday. The S&P 500 was up 1.5%, as investors focused their attention on the Federal Reserve’s interest rate path. This is what Carl Quantanilla, a market analyst, points out.
#CPI “isn’t the best-case scenario, but there are enough dovish pieces that when coupled with what’s happening with banks should give Powell cover to dramatically shift the policy message on 3/22. It’s still hard to say whether they do 0 or 25bp ..” @knowledge_vital
— Carl Quintanilla (@carlquintanilla) March 14, 2023
The Dow Jones Industrial Average was up 320 points (or 1%), while the Nasdaq Composite rose 1.7% at 9 :50 AM ET.
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