Orbit

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-resilience-after-us-inflation-data-release/" data-wpel-link="internal">Bitcoin Shows Resilience After US Inflation Data Release</a> 
After the US consumer price index (CPI) inflation data for January was announced, there was a noticeable decline in <a href="https://en.coin-turk.com/bitcoin-volatility-triggers-price-fluctuations/" data-wpel-link="internal">Bitcoin</a> (BTC) prices on Tuesday. The CPI came in at 3.1%, exceeding the widespread expectation of 2.9%. This measurement led to a sharp correction on Wall Street, with the S&amp;P 500 Index also falling by 1.4%. This marked the worst CPI day performance for the S&amp;P 500 since September 2022. 
<h2 style="text-align: justify" id="bitcoin-btc-price-remains-steady">Bitcoin (BTC) Price Remains Steady</h2> 
Bitcoin managed to recover after a sharp decline amidst the turbulent global market movements triggered by the higher-than-expected US inflation report, continuing to demonstrate its resilience. Economically, the likelihood of rapid interest rate changes has somewhat diminished. 
Market analyst at IG Australia Pty, Tony Sycamore, commented on the matter: 
<blockquote> 
 Despite the overnight deterioration in risk appetite, Bitcoin showed impressive resistance. 
</blockquote> 
However, he added that Bitcoin still has the potential to correct over 10% from its price level and drop below $40,000. 
On the other hand, attention is turning to the Bitcoin halving expected to occur in April. When examining the performance of Bitcoin during previous halving periods, the expectation seems to support a bullish outlook. 
This event, which will halve the rewards earned by miners, is known for its significant impact on price increases, as seen in historical reviews. Caroline Mauron, founding partner at Orbit Markets, clarified the situation to Bloomberg: 
<blockquote> 
 After four months of a spectacular rally, we expect the market to take a short pause here before the upcoming Bitcoin halving takes over the narrative. 
</blockquote> 
<h2 style="text-align: justify" id="what-awaits-btc">What Awaits BTC?</h2> 
According to data provided by on-chain data provider Santiment, the recent drop in BTC price has caused polarization among investors. 
Santiment analysts suggest that a slight price pullback could lead to significant changes in sentiment and potentially justify strategies targeting bargain purchases amid panic selling. 
Such a scenario, if it occurs, is likely to create bigger question marks among investors and could cause those with weaker hands to quickly exit BTC. 
Lastly, Santiment’s review of the previous three months’ Consumer Price Index (CPI) reports indicates that all announcements coincided with significant medium-term transformation processes in the crypto market. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-314427" src="https://coin-turk.com/wp-content/uploads/2024/02/cpi-coin-turk-com.jpg" alt="" width="725" height="515"> 
As of the time of writing, Bitcoin appears to have recovered. After yesterday’s sharp decline, Bitcoin has returned to the $49,600 level, and investor confidence seems to have been restored. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-resilience-after-us-inflation-data-release/" data-wpel-link="internal">Bitcoin Shows Resilience After US Inflation Data Release</a></h5>

Bitcoin Shows Resilience After US Inflation Data Release

Table of Contents

COINTURK NEWS

Other articles published on Feb 14, 2024

Cryptocurrency Market Sees Fluctuations After US CPI Data Release

South Korea sees sharp 2023 increase in suspicious crypto transactions

Why Are Crypto Veterans Betting Big On This Solana (SOL) Competitor in 2024?

Avalanche Rumbles: AVAX Eyes To Reclaim $50 As Upgrade Fuels Optimism On Testnet

Top Analysts Predict the Rise of a New $0.01 Cryptocurrency to Match Polygon (MATIC) Success

FTX to Sell $10M Valued Subsidiary for a Meager $500k, Bitcoin (BTC) Hits $50k, InQubeta (QUBE) a...

Join our free newsletter for daily crypto updates!