- The bitcoin price on Coinbase reached a high of $26,553, representing a 16% increase in 24 hours.
- US inflation data over the past 12 months in February showed the CPI rose 6%.
- On-chain data suggests that BTC price could rally towards $30,000 in the near term.
Bitcoin The crypto market made a sharp rise on Tuesday, breaking $26,000, as it 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 bitcoin price on the cryptocurrency rallied 16% to a high of $26,553. coinbase,
As mentioned yesterday, BTC price increased Breakout from lows of $20,000 to above $24,000 – bullish sentiment encouraged by US government actions in the wake of the collapse of Silicon Valley Bank.
on-chain data shared Market research platform IntoTheBlock shows that bitcoin is facing minimal selling pressure around $30,000.
On-chain ownership indicators for bitcoin are pointing to very little potential new selling pressure until we get closer to $30k $BTC,https://t.co/9Mt8pOZD34 pic.twitter.com/DoAAxdX7lF
— intotheblock (@intotheblock) March 14, 2023
Total market data from CoinGecko showed that the total crypto market cap increased by more than 14% as major altcoins like Ethereum and BNB reached highs of $1,750 and $315, respectively.
According to the US Labor Department, the CPI rose 0.4% in February and 6% over the previous year, which was in line with market expectations. Notably, the data showed that US inflation rose at its slowest pace since September 2021. Core CPI, which tracks more volatile food and energy items, also fell within expectations, rising 5.5%.
Stocks also opened higher on Tuesday, with the S&P 500 rising 1.5% as investors turned their attention to the Federal Reserve and its interest rates. Market analyst Carl Quantanilla points to this scenario.
#cpi “Not a best case scenario, but there are enough dovish pieces that combined with what’s happening with the banks should give Powell cover to dramatically shift the policy message on 3/22. It’s still hard to say if they 0 or 25bp do it or not..” @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% at 9:50 a.m. ET.