Bitcoin

when

Material

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin reclaims $70k levels, and it’s now trading close to $71k following a sudden drop in price yesterday after the CPI data was revealed.</li> 
 <li>Bitcoin is now up by about 3% in the past 24 hours on CoinMarketCap, 8 days ahead of the halving.</li> 
</ul> 
Bitcoin managed to reclaim the $70k levels today, following a sudden price drop below $68k yesterday when the CPI data came out. 
The March consumer price index (CPI Report) came in yesterday. The consumer price rose 3.5% from a year ago in March, and the result was higher than expected. Economists surveyed by Dow Jones had been looking for a 0.3% gain and a 3.4% year-over-year level. 
The reports also triggered a drop in price for Bitcoin which failed to maintain the $69k levels. 
At the moment of writing this article, BTC is trading in the green, and the coin is priced just a little above $71k, up by 3% in the past 24 hours on <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank">CoinMarketCap</a>. 
<figure id="attachment_38921" aria-describedby="caption-attachment-38921" style="width: 100%" class="wp-caption alignnone">
 <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank"><img decoding="async" class="wp-image-38921 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-14.jpg" alt="BTC price trajectory" width="776" height="475" title="Bitcoin Reclaims $70k Following CPI-Induced Price Drop 3" srcset="https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-14.jpg 776w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-14-300x184.jpg 300w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-14-768x470.jpg 768w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-14-750x459.jpg 750w" sizes="(max-width: 776px) 100vw, 776px"></a>
 <figcaption id="caption-attachment-38921" class="wp-caption-text">
 BTC price trajectory
 </figcaption>
</figure> 
Ahead of the <a href="https://crypto.ro/en/news/bitcoins-price-fails-to-hold-69k-following-todays-cpi/">CPI results</a>, speculations were exploring scenarios on X regarding Bitcoin’s price. 
Notes from trading resource<a href="https://twitter.com/MI_Algos/status/1777671929752637916" rel="nofollow noopener" target="_blank"> Material Indicators</a> stated that what usually happens in scenarios when the CPI results are hotter than expected is that whales long the dip and exploit the upside liquidity void that they have just created for a relatively quick move upwards. 
Now, it seems that Bitcoin has managed to reclaim its losses and continues to trade above $70k. 
<h2 id="8-more-days-to-go-until-the-halving">8 more days to go until the halving</h2> 
There are 8 more days until the <a href="https://www.binance.com/en/events/bitcoin-halving" rel="nofollow noopener" target="_blank">Bitcoin halving</a> event, which is scheduled for April 20. 
This halving is expected to be different from the ones before, especially due to the high interest that the Bitcoin ETFs managed to draw. In a recent interview with&nbsp;Bloomberg, Marathon Digital Holdings Inc. CEO Fred Thiel said that Bitcoin’s halving rally is <a href="https://crypto.ro/en/news/marathon-ceo-bitcoin-halving-rally-partially-priced-in/">partially priced in</a>. 
He also highlighted that the BTC ETFs’ approval attracted capital into the crypto market and brought forward a type of appreciation that we’d normally see three to six months post the halving event.

Bitcoin Reclaims $70k Following CPI-Induced Price Drop

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