- Bitcoin price hit highs of $26,553 on Coinbase, with 16% upside in 24 hours.
- US inflation data confirmed CPI rose 6% previously 12 months in February.
- On-chain data suggests BTC price might rally to $30,000 within the brief time period.
Bitcoin rose sharply on Tuesday, breaking previous $26,000 as the crypto market reacted positively to the most recent Consumer Price Index (CPI) data by the US Department of Labor.
Bitcoin breaks $26k amid market response to CPI data
According to data from TradingView, the price of Bitcoin spiked 16% to highs of $26,553 on the cryptocurrency Coinbase.
Bitcoin price rallied above $26,000 on Tuesday. Chart courtesy of TradingView
As famous yesterday, BTC price soared from lows of $20,000 to break above $24,000 – the bullish sentiment buoyed by the US authorities’s actions within the wake of Silicon Valley Bank’s collapse.
On-chain data shared by market analysis platform IntoTheBlock reveals Bitcoin faces minimal promoting strain to round $30,000.
On-chain possession indicators for Bitcoin are pointing to little or no potential new promoting strain till we get nearer to $30k $BTC.https://t.co/9Mt8pOZD34 pic.twitter.com/DoAAxdX7lF
— IntoTheBlock (@intotheblock) March 14, 2023
The combination market data from CoinGecko confirmed the whole crypto market cap has surged by greater than 14% as main altcoins like Ethereum and BNB hit highs of $1,750 and $315 respectively.
Per the US Department of Labor, CPI rose 0.4% in February and 6% during the last yr to align with market expectations. Notably, the data confirmed US inflation had elevated at its slowest tempo since September 2021. The core CPI, which strikes off the extra unstable meals and vitality objects, elevated by 5.5% to additionally fall inside expectations.
Stocks additionally opened increased on Tuesday, with the S&P 500 up 1.5% as buyers turned consideration to the Federal Reserve and its rates of interest path. Market analyst Carl Quantanilla factors out this state of affairs.
#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 had added 320 factors, or 1%, whereas the Nasdaq Composite was up 1.7% at 9:50 am ET.
