Svmuu News Following the release of the US March CPI data, Bitcoin briefly climbed to $73,000, attempting to set a new local high. The data showed overall inflation was slightly below market expectations, but a sharp rise in energy prices presented a diverging signal. Specifically, the US March CPI rose 3.3% year-on-year, with the month-on-month figure 0.1% lower than expected; within this, energy prices increased by 10.9%, and gasoline prices surged 21.2% month-on-month, marking the largest single-month increase since 1967.
The financial market reaction was relatively restrained, with US stocks opening largely flat and Bitcoin not experiencing significant volatility. Meanwhile, influenced by the previous PCE data, the market has largely ruled out the possibility of a near-term Fed rate cut. From a trading perspective, analysts believe Bitcoin is currently operating within a consolidation range. A renewed attempt to breach key highs in the short term would make the market's reaction a crucial signal for the subsequent trend, with the area around $74,000 seen as a key liquidity zone. (Cointelegraph)