Wednesday, April 19, 2023

HAS BITCOIN TOPPED OUT IN THE NEAR TERM

HAS BITCOIN TOPPED OUT IN THE NEAR TERM
 
 

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Bitcoin’s weekly close above $30,000 was the first such instance since May 2022. The rally in Bitcoin was boosted by lower-thanexpected Consumer Price Index (CPI) print for March. Annual CPI rose 5% in March versus estimates of 5.1%, the lowest rate of increase since May 2021. Although inflation remains well above the Federal Reserve’s 2% target rate, it is showing a steady decline.

We said in our previous analysis that the $32,000 level may witness aggressive selling by the bears but the sellers entered at $31,050 on April 14.

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