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 Jumps to Highest Level in 9 Months on the Back of the UBS Merger Deal

Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
Bitcoin
Bitcoin Price Slips Below $20,000 Amid Silvergate’s Liquidation and Macroeconomic Concerns

Bitcoin price was trading in the red on Friday, breaking out of the $22,000 level and slipping below the crucial level of $20,000. The largest cryptocurrency in the world fell to a two-month low on Thursday amid Silveragte’s liquidation and macroeconomic factors. BTC price has slipped more than 15% in the past week as markets remain jittery.
Reasons Behind BTC’s Crash
Just like most cryptocurrencies, Bitcoin price has been on a steep downward trajectory for the past few days as Silvergate’s crisis continues to weigh on the crypto market. Bitcoin’s total market cap has crashed by more than 8% over the past 24 hours, while the total volume of the digital asset traded soared to 73%. BTC’s dominance has also decreased by nearly 1% over the last day.
The overall crypto market was in the red on Friday as the global crypto market cap slipped further by 6% to $928 billion. On the other hand, the total crypto market volume rose 60.65% over the last day. Earlier on Wednesday, Silvergate Capital announced the winding down of its operations and liquidation of its bank. The contagion fears from the Silvergate crisis have been keeping investors on their toes as the crypto markets react to the same.
The last few days have been disappointing for the crypto market as fears of higher interest rates contribute to the sell-off by traders and investors. During his recent congressional appearance on Tuesday,…
Bitcoin
Bitcoin Price: Investors Jittery as Macro Factors Weigh on Markets

Bitcoin price was trading higher on Wednesday, breaking out from its two-consecutive day decline. At the time of writing, the largest cryptocurrency by market cap was trading 2.71% higher at $23,769.78. BTC has declined more than 2% in the past week but remains more than 43% higher in the year to date. Bitcoin’s dominance has edged higher over the past 24 hours.
Economic Sentiment
Data by CoinMarketCap shows that the global crypto market cap, as well as the total crypto market volume, has increased over the last day. This has been boosted by Bitcoin’s performance in the past 24 hours. Over the last day, BTC’s market cap has increased by nearly 2%, while the total volume of the digital asset traded climbed 12%.
Most cryptocurrencies have remained steady amid fears that the US Federal Reserve is likely to embark on its aggressive interest rate hike in a bid to fight inflation. Traders are betting that the Fed will increase its interest rates to 5.50% by the end of summer, higher than the central bank’s forecast at the end of December.
An interest rate hike to 5.50% implies at least two more quarters of percentage point hikes from March, as the current range is 4.50% to 4.75%. US Treasury yields have been rallying recently as investors await key economic data. the 10-year Treasury yield was trading at 3.985% on Wednesday, its highest level since the first half of November.
Economic activity…
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Bitcoin Price Jumps to Highest Level in 9 Months on the Back of the UBS Merger Deal