coinspress.com
Bitcoin has broken through the $29,000 resistance level, a milestone that has not been seen since November 2022.
This sudden increase comes after Bitcoin had been trading in a narrow range between $27,276 and $28,739 for about ten days.
The reason behind Monday’s notable gains is unclear, but market experts are closely monitoring the Consumer Price Index (CPI) for March, which is set to release on Wednesday, April 12.
Consumer Price Index
The CPI is a critical economic indicator that measures the changes in the price of goods and services in the US, and it is one of the most important pieces of data that the Federal Reserve considers before its meetings.
Many analysts predict that the central bank may halt its interest rate hikes, which have been ongoing for over a year.
In February, the CPI rose by 0.4%, which was within market expectations, and the year-on-year increase was 6%.
Amid a troubled banking crisis, the Federal Reserve increased interest rates by 25 basis points last month. Investors are now closely watching the CPI reading to determine whether the central bank’s efforts to combat inflation are effective.
READ MORE: Bitcoin Poised for Easter Bull Run: Analysts Predict Surge to $90,000 by April 2024
Bitcoin price
Bitcoin’s price has been relatively stable over the past week, but the recent breakthrough could signal a new bullish trend. The cryptocurrency is currently trading at $29,100, representing a 3.5% increase in the past 24 hours and a 5% increase on the weekly chart.
In summary, Bitcoin’s sudden surge past the $29,000 resistance level is attracting attention from investors and market experts alike.
The upcoming CPI data release could provide additional insight into the Federal Reserve’s future monetary policy, and these developments could influence the cryptocurrency’s price.