Bitcoin Surges Above $70,000 Amid Stable US Inflation Data
- Bitcoin (BTC) rose above $70,000 following the release of the US Consumer Price Index (CPI), which was reported at 2.4% year-on-year.
- The CPI data provided relief to markets amid ongoing geopolitical tensions affecting inflation expectations.
- An emergency release of 400 million barrels of oil by the International Energy Agency (IEA) helped keep oil prices below $90.
- Market participants are eyeing potential liquidations in the mid-$60,000 range as Bitcoin remains rangebound.
- Recent crypto market liquidations reached $240 million, with a significant portion from short positions.
The stable inflation data and oil supply measures have created a cautious environment for Bitcoin traders, who are awaiting further market signals for direction. The focus is now on March’s inflation data and its implications for future price movements.
With Bitcoin trading around $71,563 after CPI data release, traders are considering strategies based on potential price fluctuations in the coming weeks.(Source)
