Bitcoin
Bitcoin Price Extends Rally as Latest US CPI Reading Falls in Line With Market Expectations

Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at 0.5% on a monthly basis, slightly higher than the estimated 0.4% forecast.
The yield on the 2-year Treasury note inched higher on Tuesday to 4.393%, after recording its biggest decline since 1987 on Monday. The benchmark 10-year Treasury yield rose to 3.628%.
Markets seem to be having difficulty in figuring out how the latest inflation reading will influence the Federal Reserve’s policy outlook. The recent CPI readings are fueling hopes for a smaller interest rate hike by the US Federal Reserve next week.
Bitcoin Price Analysis
The daily chart shows that the Bitcoin price has made substantial gains over the past few days despite facing several headwinds. BTC price has been hovering above the key resistance level of $25,265 for the past few hours. Notably, the digital asset hit an intraday high of $26,386.87 on the back of the recent inflation figures.
The BTC price has moved above the 25-week and 50-week moving averages. It has also moved above the 50-day and 200-day exponential moving averages (EMAs). Its Relative Strength Index (RSI) is hovering slightly below the overbought zone, pointing to a rebound in buying pressure.
Therefore, I expect the BTC price to continue moving higher in the short term as investors eye the Fed’s meeting next week. A breakout past the resistance level at $26,500 will have bulls eyeing the next target at $28,500.
Bitcoin
Bitcoin Price Climbs Above $27,000 Ahead of the FOMC Monetary Policy Meeting

Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.
Fundamentals
Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.
Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.
Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…
Bitcoin
Bitcoin Price Flips Above $26,500: What’s Next?

Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.
Inflation Concerns
Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.
The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.
Retail sales data also published on Thursday…
Bitcoin
Bitcoin Price is Facing a Major Hurdle at $26,500 Amid Fed Concerns

Bitcoin price has been struggling to break above the crucial resistance level of $26,500 for the past few days. The premier cryptocurrency has slumped by more than 13% in the month to date but remains 56% higher in the year to date. Bitcoin’s total market cap is a formidable $503 billion, down by more than 20% compared to its highest level so far this year of $612 billion. At the time of writing, the Bitcoin price was trading 1.50% lower at $25,797.25.
Fundamentals
Just like most altcoins, Bitcoin, the biggest cryptocurrency by market cap, has been in consolidation mode in recent trading sessions amid a strong bear market. Ethereum, the largest altcoin by total market cap, has been hovering below the important resistance level of $1,700 after facing a strong rejection at the level. According to Coinmarketcap, the global crypto market cap remains lower at $1.04 trillion, while the total crypto market volume increased slightly over the last day.
The Crypto Fear & Greed Index, which is a key measure of the crypto market sentiment by its participants, was at a fear level of 37 on Friday. This is a slight decline from the fear level of 40 recorded earlier this week. Additionally, it indicates that the risk appetite among investors has inched lower compared to last month’s neutral level of 49.
Focus will now be on the US Federal Reserve ahead of its two-day policy meeting…
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