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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-dynamics-analysts-weigh-in/" data-wpel-link="internal">Bitcoin Price Dynamics: Analysts Weigh In</a> 
<a href="https://coin-turk.com/bitcoin-fiyati-tekrar-yukselise-gececek-mi-populer-ekonomist-acikladi" data-wpel-link="internal">Bitcoin</a> experienced a breakout at the $70,000 support level with the opening of Wall Street on April 11, bolstered by new US macroeconomic data. Data from TradingView showed a volatile <a href="https://en.coin-turk.com/el-salvador-the-potential-new-financial-center-of-the-americas/" data-wpel-link="internal">Bitcoin</a> price movement, with bulls maintaining their gains from the previous day. The Producer Price Index (PPI) for March came in at 0.2% on a monthly basis, below expectations, increasing the sentiment for risk assets. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
This situation partially offset the previous Consumer Price Index (CPI) overshoot, presenting a mixed picture of inflationary forces. However, markets were generally expecting to wait longer than previously thought for the Federal Reserve to lower interest rates. Keith Allen, co-founder of trading source Material Indicators, wrote in part of his response via X that markets had a longer-term expectation of high: 
<blockquote> 
 “After yesterday’s inflation data, I’m frankly not sure how important today’s reports are.” 
</blockquote> 
Allen and other analysts are focusing on more significant future focal points such as the upcoming block subsidy halving and current Bitcoin price structures: 
<blockquote> 
 “The bullish case for Bitcoin is forming around a series of higher lows. The bearish case is shaping up around the bulls’ inability to confirm a R/S flip at the trend line, at $69,000, or the 21-Day Moving Average.” 
</blockquote> 
Allen added that the $69,000 level continues to be the most critical level to watch. Accompanying these statements was a video showing a graph of order book liquidity for the BTC/USDT pair on the world’s largest exchange, <a href="https://en.coin-turk.com/what-is-bitcoin-leveraged-trading-how-is-it-done/" data-wpel-link="internal">Binance</a>. The graph indicated sellers waiting at the $73,000 level and bid support strengthening around $67,000. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339587 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-veri-1.webp" alt="" width="1440" height="721"> 
<h2 class="p1" style="text-align: justify" id="analysts-comment-on-bitcoin">Analysts Comment on Bitcoin</h2> 
Meanwhile, market observers have drawn an optimistic outlook from the exchange landscape despite funding rates remaining low amid recent price increases. Philip Swift, co-founder of data analytics platform Look Into Bitcoin, shared his thoughts on the matter: 
<blockquote> 
 Bitcoin funding rates are looking healthy for the first time since the price rose above $70,000. The volatile consolidation was necessary to clear short positions in Bitcoin’s futures market. A sign of encouragement for the bulls.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339586 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-fund-scaled.jpg" alt="" width="2560" height="1707"> 
Popular investor Daan <a href="https://en.coin-turk.com/bitcoin-hits-all-time-high-and-sparks-etf-trading-surge/" data-wpel-link="internal">Crypto</a> Trades suggested that investors are now hesitant to drive up the Bitcoin price due to consecutive rejections near all-time high levels: 
<blockquote> 
 “Breaking and holding above the $71,500 level is crucial. Then, new all-time highs should be just a matter of time.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339585 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-yorum-4.jpg" alt="" width="1348" height="770"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-dynamics-analysts-weigh-in/" data-wpel-link="internal">Bitcoin Price Dynamics: Analysts Weigh In</a></h5>

Bitcoin Price Dynamics: Analysts Weigh In

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