u.today
Yuya Hasegawa, an analyst at crypto exchange Bitbank, has suggested that the upcoming U.S. Consumer Price Index (CPI) data for March could end up being a catalyst for Bitcoin to test and potentially topple the $29,000 resistance area it has encountered in the past three weeks, Barron's reports.
Hasegawa's remarks come in response to Bitcoin's indecisiveness following the mixed U.S. jobs report released last Friday.
The price performance of the bellwether coin has been rather steady over the last week. Its prices have been oscillating between $27,276 and $28,739, according to data provided by CoinMarketCap.
Investors are now closely watching the CPI reading to determine whether the Federal Reserve is succeeding in battling inflation.
In February, the consumer price index swelled by 0.4% and 6% year-on-year, mirroring market expectations.
Amid a troubling banking crisis, the Fed cranked up interest rates by 25 basis points last month.
Market participants will be eagle-eyed, closely monitoring the release of the March CPI data. It could provide the much-needed fuel for Bitcoin to shatter its current resistance and finally soar past the $29,000 milestone to potentially reach a new 2023 high.