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- Bitcoin price hit a high of $26,553 on Coinbase, with a 16% gain in 24 hours.
- US inflation data showed CPI rose 6% in the last 12 months in February.
- On-chain data suggests BTC price could rise to $30,000 in the short term.
Bitcoin rose sharply on Tuesday, breaking through $26,000 as the crypto market reacted positively to the latest Consumer Price Index (CPI) data by the US Department of Labor.
Bitcoin breaks $26k amid market reaction to CPI data
According to data from TradingView, the price of Bitcoin jumped 16% to a high of $26,553 on the Coinbase cryptocurrency.
As noted yesterday, BTC price surged from lows of $20,000 to break above $24,000 – a bullish sentiment buoyed by the actions of the US government following the collapse of Silicon Valley Bank.
Data in chains together by market research platform IntoTheBlock shows Bitcoin facing minimal selling pressure to around $30,000.
The on-chain holdings indicator for Bitcoin suggests very little potential for new selling pressure until we get close to $30k $BTC.https://t.co/9Mt8pOZD34 pic.twitter.com/DoAAxdX7lF
— IntoTheBlock (@intotheblock) March 14, 2023
Aggregated market data from CoinGecko shows the total crypto market cap has jumped by more than 14% as major altcoins like Ethereum and BNB hit $1,750 and $315 respectively.
Per the US Department of Labor, CPI rose 0.4% in February and 6% over the past year to align with market expectations. Notably, data showed US inflation has increased at its slowest pace since September 2021. Core CPI, which fuels more volatile food and energy items, increased by 5.5% to also match expectations.
Stocks also opened higher on Tuesday, with the S&P 500 up 1.5% as investors turned their attention to the Federal Reserve and its interest rate path. Market analyst Carl Quantanilla points to this scenario.
#CPI “Not the best case scenario, but there are enough dovish pieces that when combined with what’s happening with the banks will provide Powell’s cover to dramatically change the policy message on 22/3. Still hard to tell if they did 0 or 25bp..” @knowledge_vital
— Carl Quintanilla (@carlquintanilla) March 14, 2023
The Dow Jones Industrial Average had added 320 points, or 1%, while the Nasdaq Composite was up 1.7% as of 9:50 am ET.
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https://coinjournal.net/news/bitcoin-hits-26k-as-investors-react-to-latest-cpi-data/
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