Bitcoin Sees Modest Relief as US CPI Inflation Avoids Surprises
Bitcoin rose above $70,000 as US CPI inflation met expectations, while oil prices cooled due to a large barrel release.Summary
Bitcoin (BTC) experienced a positive reaction as the February US Consumer Price Index (CPI) aligned with market forecasts of 2.4% year-on-year. This alleviated some anxiety in the market, which had been sensitive due to geopolitical instability and potential inflationary pressures. The price of oil also decreased following the International Energy Agency’s (IEA) approval of a 400 million barrel emergency release, the largest on record. Despite the positive data, Bitcoin remained rangebound, with traders cautiously observing for potential breakout points or downside liquidity around the $65,000 level. Market analysts suggest a potential upward breakout in March, but also highlight the possibility of further dips before a sustained rally. Total crypto liquidations reached $240 million in the last 24 hours, with short positions dominating.
(Source：Cointelegraph)