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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-breaks-through-with-wall-streets-opening-bell">Bitcoin Breaks Through With Wall Street’s Opening Bell</a><br></p>
<p style="text-align: justify"> The <a href="https://en.bitcoinhaber.net/bitcoins-bear-season-gains-momentum-analyst-highlights-4-altcoins-ready-to-explode">cryptocurrency</a> <a href="https://en.bitcoinhaber.net/resilience-in-bitcoin-wallet-growth-and-bullish-stance-amid-market-downturn">Bitcoin</a> has recently surged past a crucial support level of $70,000, coinciding with the opening of Wall Street trading on April 11. This surge is attributed to the latest United States macroeconomic data, which seems to have fostered a favorable climate for riskier assets like Bitcoin. The lower-than-expected Producer Price Index (PPI) for March, which registered at 0.2% on a monthly basis, contributed to the positive momentum. </p> 
<h2 id="understanding-the-market-s-inflation-perspective">Understanding the Market’s Inflation Perspective</h2> 
<p style="text-align: justify"> Despite the inflation concerns raised by the Consumer Price Index (CPI) overshoot, the fresh data suggests a more complex inflation situation. Speculators now believe that the Federal Reserve may defer interest rate cuts longer than initially anticipated. Keith Allen, a co-founder of Material Indicators, highlights a shift in market expectations towards sustaining high interest rates over an extended period. </p> 
<p style="text-align: justify"> Analysts are now turning their attention to future events that could impact Bitcoin’s value, such as the forthcoming block subsidy halving. They observe a bullish pattern forming around Bitcoin’s recent trend of higher lows. However, there’s caution regarding the currency’s ability to maintain its upward trajectory, particularly if it fails to confirm a trend line reversal or surpass the 21-Day Moving Average. </p> 
<h2 id="technical-analysis-and-market-sentiment">Technical Analysis and Market Sentiment</h2> 
<p style="text-align: justify"> Allen emphasizes the significance of the $69,000 level, which remains a pivotal point for Bitcoin’s pricing. Market data indicates a concentration of seller activity at the $73,000 mark, with an increasingly robust bid support around $67,000. Philip Swift, another market analyst, finds optimism in the health of Bitcoin funding rates and views the recent volatile consolidation as a cleansing of over-leveraged short positions, offering hope for Bitcoin enthusiasts. </p> 
<h2 id="inferences-from-this-article">Inferences from this Article</h2> 
<ul> 
 <li>Bitcoin’s resistance level around $69,000-$71,500 is critical for future price momentum.</li> 
 <li>Ongoing market events like the block subsidy halving could significantly influence Bitcoin’s price dynamics.</li> 
 <li>Current funding rates and market consolidations may be laying the groundwork for a stronger bullish market.</li> 
</ul> 
<p style="text-align: justify"> Amidst this climate of cautious optimism, market participants continue to monitor key levels that could indicate whether Bitcoin is poised for new historical peaks. The consensus among investors and analysts appears to be that securing a position above $71,500 is essential for the cryptocurrency’s continued ascent.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-breaks-through-with-wall-streets-opening-bell">Bitcoin Breaks Through With Wall Street’s Opening Bell</a></h5>

Bitcoin Breaks Through With Wall Street’s Opening Bell

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