Bitcoin’s Rally Is Worrisome As US Inflation Data Hits A 40-Year Record
Bitcoin (BTC) has recovered from the intraday low of $18,999 following the release of US inflation data and is currently trading above the $20,000 region.
Bitcoin has had a positive response to the United States’ 40-year record-breaking data. Referring to the reaction of the US Federal Reserve to the latest CPI data, one analyst said that it is very unlikely that the Fed will raise interest rates more aggressively.
The Fed Pivot Indicator chart, which shows the change in the direction of the Fed’s interest rates over the past 33 years, shows that rate hikes have reached their maximum allowed level.
Trader Michaël van de Poppe thinks that selling pressure is only a temporary situation and the long-term trend is still showing a bullish signal.
Other tokens in the top 10 cryptocurrencies by market capitalization also showed similar price action with Bitcoin, having now recovered from the plunge, with BNB up 5%, XRP up 3.3%, ADA increased by nearly 4%, SOL gained about 6% and DOGE gained 2.3% in the last 24 hours.
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