The price of bitcoin (BTC) rebounded strongly yesterday after the disappointing consumer price index (CPI) from the United States. In the run-up to the publication of last month’s inflation figures, the price continued to fall below $68,000. However, the price has been above $70,000 for some time now, just below an important resistance level.
Bitcoin price wipes away decline
The bitcoin price entered a downward trend last Monday, after exceeding $72,000 for the first time in almost a month. On Tuesday, Bitcoin made a significant slide to below $70,000 and Bitcoin also suffered another blow yesterday.
During the morning the price consolidated around $69,000. At 2:20 PM, just 10 minutes before the CPI release, BTC crashed sharply. After a sharp drop of a few percent, a low of $67,500 was reached.
The US Bureau of Labor Statistics put a dampener on the financial markets. American inflation has turned out to be higher than expected.
In March, consumer prices increased by 3.5% year on year. Last month the increase was 3.2% and economists expected inflation of 3.4% this time. As for core inflation (which excludes food and energy prices), it remained stable at 3.8% year-on-year. However, the expectation was 3.7%.
However, the higher-than-expected figures caused a major upward move in bitcoin. During the afternoon and evening, the price skyrocketed by more than 5%, reaching an absolute peak of just above $71,000.
The price zone around $71,500 is now the nearest obstacle for bitcoin. If this resistance is broken, the path to the all-time high of $73,800 is clear.
#BTC viewing this as more of an ascending triangle
I don’t care so much about what the name of the pattern is, it’s more about identifying resistance which we have now found above $71.5k: pic.twitter.com/b8BX0K5zxi
— Matthew Hyland (@MatthewHyland_) April 10, 2024
At the time of writing, the BTC price on crypto exchange Bybit powered by SATOS is equal to $70,534. On the Dutch crypto exchange Bitvavo, the BTC price in euros amounts to 65,618. Compared to 24 hours ago, BTC is up 1.76%.
Crypto market rebounds, toncoin excels
Bitcoin’s price rise has given the rest of the crypto market a major boost. Most altcoins are at a significantly higher price than yesterday.
When looking at the 10 largest crypto coins, everyone turns green. Toncoin (TON), one of the standouts of the past few weeks, stands head and shoulders above the rest with an increase of 13.15%.
BNB (BNB) has also experienced a significant increase, of 5.05% to be precise. With the other altcoins the increases are a lot less spectacular. For example, ethereum (ETH) rose by 0.73%, solana (SOL) by 0.84%, ripple (XRP) by 1.12% and dogecoin (DOGE) by 2.92%.
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