{"id":18708,"date":"2023-03-14T14:25:11","date_gmt":"2023-03-14T14:25:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-surges-to-26k-as-bulls-react-to-cpi-data\/"},"modified":"2023-03-14T14:25:11","modified_gmt":"2023-03-14T14:25:11","slug":"bitcoin-price-surges-to-26k-as-bulls-react-to-cpi-data","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-surges-to-26k-as-bulls-react-to-cpi-data\/","title":{"rendered":"Bitcoin price surges to $26K as bulls react to CPI data"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1658950096910-575f066d-5411-4fa5-976e-3c68dcad5b57-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1658950096910-575f066d-5411-4fa5-976e-3c68dcad5b57-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1658950096910-575f066d-5411-4fa5-976e-3c68dcad5b57-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1658950096910-575f066d-5411-4fa5-976e-3c68dcad5b57-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin price hit highs of $26,553 on Coinbase, with 16% upside in 24 hours.<\/li>\n<li dir=\"ltr\">US inflation data showed CPI rose 6% in the past 12 months in February.<\/li>\n<li dir=\"ltr\">On-chain data suggests BTC price could rally to $30,000 in the short term.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> rose sharply on Tuesday, breaking past $26,000 as the crypto market reacted positively to the latest Consumer Price Index (CPI) data by the US Department of Labor.<\/p>\n<h2 dir=\"ltr\">Bitcoin breaks $26k amid market reaction to CPI data<\/h2>\n<p dir=\"ltr\">According to data from TradingView, the price of Bitcoin spiked 16% to highs of $26,553 on the cryptocurrency <a href=\"https:\/\/coinjournal.net\/exchanges\/coinbase\/\">Coinbase<\/a>.\u00a0<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 700px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/02\/14\/1678802952876-af2636fe-e0a3-4fbb-b0e2-7c08b4330847.png\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"270\"\/><span class=\"fr-inner\"><em>Bitcoin price rallied above $26,000 on Tuesday. Chart courtesy of\u00a0<\/em><a href=\"https:\/\/www.tradingview.com\/x\/CXXHXlV2\/\" rel=\"noopener noreferrer\" target=\"_blank\"><em>TradingView<\/em><\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">\u00a0As noted yesterday, BTC price <a href=\"https:\/\/coinjournal.net\/news\/bitcoin-breaks-above-24k-as-analyst-predict-what-btc-could-do-next\/\">soared<\/a> from lows of $20,000 to break above $24,000 \u2013 the bullish sentiment buoyed by the US government\u2019s actions in the wake of Silicon Valley Bank\u2019s collapse.<\/p>\n<\/div>\n<p dir=\"ltr\">On-chain data <a href=\"https:\/\/twitter.com\/intotheblock\/status\/1635631798481833988\" rel=\"noopener noreferrer\" target=\"_blank\">shared<\/a> by market research platform IntoTheBlock shows Bitcoin faces minimal selling pressure to around $30,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">On-chain ownership indicators for Bitcoin are pointing to very little potential new selling pressure until we get closer to $30k <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>.<a href=\"https:\/\/t.co\/9Mt8pOZD34\">https:\/\/t.co\/9Mt8pOZD34<\/a> <a href=\"https:\/\/t.co\/DoAAxdX7lF\">pic.twitter.com\/DoAAxdX7lF<\/a><\/p>\n<p>\u2014 IntoTheBlock (@intotheblock) <a href=\"https:\/\/twitter.com\/intotheblock\/status\/1635631798481833988?ref_src=twsrc%5Etfw\">March 14, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">The aggregate market data from CoinGecko showed the total crypto market cap has surged by more than 14% as major altcoins like Ethereum and BNB hit highs of $1,750 and $315 respectively.<\/p>\n<p dir=\"ltr\">Per the US Department of Labor, CPI rose 0.4% in February and 6% over the last year to align with market expectations. Notably, the data showed US inflation had increased at its slowest pace since September 2021. The core CPI, which strikes off the more volatile food and energy items, increased by 5.5% to also fall within expectations.<\/p>\n<p dir=\"ltr\">Stocks also opened higher on Tuesday, with the S&amp;P 500 up 1.5% as investors turned attention to the Federal Reserve and its interest rates path. Market analyst Carl Quantanilla points out this scenario.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/CPI?src=hash&amp;ref_src=twsrc%5Etfw\">#CPI<\/a> &#8220;isn&#8217;t the best-case scenario, but there are enough dovish pieces that when coupled with what\u2019s happening with banks should give Powell cover to dramatically shift the policy message on 3\/22. It\u2019s still hard to say whether they do 0 or 25bp ..&#8221; <a href=\"https:\/\/twitter.com\/knowledge_vital?ref_src=twsrc%5Etfw\">@knowledge_vital<\/a><\/p>\n<p>\u2014 Carl Quintanilla (@carlquintanilla) <a href=\"https:\/\/twitter.com\/carlquintanilla\/status\/1635623775319257088?ref_src=twsrc%5Etfw\">March 14, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">The Dow Jones Industrial Average had added 320 points, or 1%, while the Nasdaq Composite was up 1.7% at 9:50 am ET.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-hits-26k-as-investors-react-to-latest-cpi-data\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin price hit highs of $26,553 on Coinbase, with 16% upside in 24 hours. US inflation data showed CPI rose 6% in the past 12 months in February. On-chain data suggests BTC price could rally to $30,000 in the short term. Bitcoin rose [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":18709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18708"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18708"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18709"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}