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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report

Tony "The Bull" Severino
Tony "The Bull" Severino
Last Updated: June 11, 2024 8:09 am
2 mins read
bitcoin price CPI April

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Bitcoin price may have resumed its bullish momentum, following a cooler than expected April 2023 CPI report. The Consumer Price Index, a key measure of inflation, fell to 4.9% – lower than the expected 5.0%. As a result, crypto prices are climbing.

Bitcoin Price Reclaims $28,000 After April CPI Release

The Bureau of Labor Statistics released its monthly CPI report this morning, revealing that the key inflation measure dropped to 4.9%. Forecasts had called for 5.0%, so the metric came in lower than expectations. Core CPI was 5.5% in April, down from 5.6% in the month before.

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Rising inflation was a primary reason for the US Federal Reserve raising interest rates, which put a damper on global markets, including crypto. From the time rates began increasing until the bottom, Bitcoin fell by more than $40,000 in value.

But with inflation now cooling off, the system starting to break, and a Presidential election ahead, markets may be about to price in a possible pause in rate hikes. In the minutes following CPI figures, Bitcoin price jumped over 2%, reclaiming $28,000 per coin.

BTCUSD_2023-05-10_09-22-55 bitcoin price

Is Bitcoin ready to rally higher on CPI news? | BTCUSD on TradingView.com

What’s Next For BTCUSD Price Action?

Bitcoin price has been consolidating around the crucial level, which is directly below the 2020 yearly close and 2021 yearly open. A forceful move above the high timeframe resistance level could send BTC soaring higher.

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Failure to sustain bullish momentum further could send crypto back to bear market lows. Any weakness in the stock market could also hurt Bitcoin. If the current reaction to the April CPI report can be sustained, BTCUSD could be trading above $30,000 in the coming weeks.

Remember: CPI is a lagging indicator. The stock market is a leading indicator.

— Tony "The Bull" Severino, CMT (@tonythebullBTC) May 10, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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