Bitcoin (BTC) reached about $73,000 after Friday’s Wall Street open as the latest US Consumer Price Index (CPI) came in slightly below market expectations.
Key points:
– BTC edged higher after the March CPI print missed expectations by roughly 0.1%.
– Gasoline prices surged more than 21% month‑on‑month, a major contributor to the monthly rise.
– Traders are eyeing key resistance zones and exchange liquidity near $71K and $73K–$74K.
BTC price looks for fresh multi‑week highs after CPI
TradingView data showed Bitcoin aiming for new local highs while markets processed the CPI release, the first report reflecting the US–Israel war effects in Iran. The Bureau of Labor Statistics said the all‑items index rose 3.3% over the past 12 months. Energy rose 10.9% in March, led by a 21.2% jump in gasoline, which accounted for nearly three quarters of the monthly all‑items increase.
The Kobeissi Letter noted the gasoline CPI jump was the largest monthly gain since 1967 and that the energy increase was the largest since 2005. The mixed inflation picture left US stocks mostly flat at the open and Bitcoin’s price action relatively muted.
Markets remained positioned against the prospect of near‑term Federal Reserve rate cuts, a view already reinforced by Thursday’s PCE release and reflected in CME Group FedWatch probabilities.
Traders map next resistance zones
Short‑term trader sentiment showed modest optimism. JDK Analysis highlighted BTC/USD trading inside a narrowing wedge and warned that a fresh attempt at the current key high would be critical for the next move. Daan Crypto Trades pointed to exchange order‑book liquidity to watch: roughly $71K below and $73K–$74K above the current price.
Separately, Cointelegraph earlier reported a relative strength index (RSI) signal echoing patterns from the end of the 2022 bear market.
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