It is no surprise that the United States Consumer Price Index, released on April 10, was better than anticipated. financial market. Bitcoin and crypto assets have continued to fall, adding losses from April 9 that weigh negatively against the optimists.
The CPI data for the United States is hot!
Trading Economics data CPI, an important economic measure for measuring inflation, increased by 0.4% on 10 April, bringing the rate of inflation to 3.5%. The CPI rose 0.4% in March, surpassing economist predictions. Most importantly, it shattered hopes of the United States Federal Reserve to cut interest rates aggressively.
Matt Hougan of Bitwise Asset Management offered an alternative perspective amid the fear that permeated Bitcoin and the crypto market. The market is amidst jitters. Matt Hougan, the CIO of Bitwise Asset Management offered a contrarian perspective as fear permeated the Bitcoin and crypto markets. post Hougan, on X downplayed CPI’s influence on Bitcoin’s long-term trend.
According to the executive, investors and traders need to monitor other factors such as spot Bitcoin ETF inflows or rising government deficits. Hougan says that they can influence the price of Bitcoin, and may even cause it to rise, since these two factors are aligned.
When is it time to buy the Bitcoin dip?
Even though BTC is falling, it could provide a good opportunity for those who have been holding BTC for a long time to buy. Some believe that the “hot” CPI data are only used to expose the weaknesses of fiat currencies. It could lead investors to consider Bitcoin as an alternative hedge.
The demand for traditional financial investors’ favorite store of value, gold, is also supporting this positive outlook. Analysts expect Bitcoin to follow the same path, as investors try to maintain value amid increasing inflation.
A spot Bitcoin ETF could further boost the bullish outlook. launch Hong Kong by the end of April.
Hong Kong Securities and Futures Commission has assessed various applications. Leading Chinese asset management firms have made some submissions. If approved, the product will channel capital from other countries to BTC. United States.
BTC’s writing is stable, but it feels under pressure. Losses on April 9 are confirmed. It is possible that the coin will track lower, if bulls do not push prices higher than all-time records of about $74,000.
Bitcoin continues to be in a bullish formation. It is technically moving along a rising wedge. Only a price drop below $61,500 will invalidate this bullish view.
Featured image is from DALLE and chart by TradingView
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