Reserve

Bitcoin

April

Rekt

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	<p>Bitcoin rose near the 10-month high on April 12 as better-than-expected U.S. inflation data fueled optimism among investors.</p>
<figure id="attachment_20781" aria-describedby="caption-attachment-20781" style="width: 1533px" class="wp-caption alignnone"><img decoding="async" class="wp-image-20781 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/04/BTCUSD-1-minute-candle-chart-Bitstamp.webp" alt="BTCUSD 1 minute candle chart Bitstamp" width="1533" height="867" srcset="https://crypto.ro/en/wp-content/uploads/2023/04/BTCUSD-1-minute-candle-chart-Bitstamp.webp 1533w, https://crypto.ro/en/wp-content/uploads/2023/04/BTCUSD-1-minute-candle-chart-Bitstamp-300x170.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/04/BTCUSD-1-minute-candle-chart-Bitstamp-1024x579.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/04/BTCUSD-1-minute-candle-chart-Bitstamp-768x434.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/04/BTCUSD-1-minute-candle-chart-Bitstamp-750x424.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/04/BTCUSD-1-minute-candle-chart-Bitstamp-1140x645.webp 1140w" sizes="(max-width: 1533px) 100vw, 1533px" title="BTC nears 10-month high on strong CPI data, boosts investor optimism 1"><figcaption id="caption-attachment-20781" class="wp-caption-text">BTC/USD 1-minute candle chart (Bitstamp) | TradingView</figcaption></figure>
<p>The price of BTC/USD surged on <a href="https://crypto.ro/en/education/best-crypto-exchange/#8-bitstamp-oldest-crypto-exchange">Bitstamp</a> just before Wall Street opened, following the release of <a href="https://crypto.ro/en/dictionary/consumer-price-index-cpi/">Consumer Price Index (CPI)</a> data for March.</p>
<p>Although the year-on-year increase fell 0.2% below expectations, it was still enough to inspire bullish sentiment among market participants.</p>
<p>The <a href="https://www.bls.gov/news.release/cpi.nr0.htm" rel="nofollow noopener" target="_blank">data</a> showed that the all-items index increased by 5.0% for the 12 months ending in March, the smallest increase since May 2021.</p>
<p>However, <a href="https://twitter.com/52kskew/status/1646126246248718338" rel="nofollow noopener" target="_blank">market watchers</a> warned of the potential for volatility in the wake of the CPI release, with some predicting significant moves that could spark liquidations on exchanges.</p>
<p>Despite these concerns, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> bulls remained confident in the cryptocurrency&#8217;s long-term trend.</p>
<p>Popular trader and analyst Rekt Capital noted that BTC/USD was continuing to build on its impressive daily close from April 11, which had taken it above a major resistance trendline.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BTC</a> is showing initial signs of a successful retest of the Higher High resistance into new support<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> <a href="https://t.co/RUVy1tJwsd" rel="nofollow" target="_blank">https://t.co/RUVy1tJwsd</a> <a href="https://t.co/UAFXa1fCCW" rel="nofollow" target="_blank">pic.twitter.com/UAFXa1fCCW</a></p>
<p>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1646129180801749002?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 12, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Alongside the rise in BTC, U.S. stock index futures also turned higher following the CPI data release, with the Nasdaq up 1.1% and the S&amp;P 500 up 0.9%. The price of gold also rose by 1.1% to $2,042 per ounce. In contrast, bond yields and the U.S. dollar declined, with the 10-year U.S. Treasury yield decreasing by 5 basis points to 3.38%, and the U.S. dollar index down 0.6%.</p>
<p>Market expectations on rate hikes moved only modestly despite the improvement in CPI data, with a 65% chance of a hike taking place at the next Federal Open Market Committee (FOMC) meeting in three weeks’ time, down from 75% before the release.</p>
<p>Some analysts believe that the Federal Reserve may end its streak of interest rate hikes soon, possibly as early as its May 2-3 meeting.</p>

BTC nears 10-month high on strong CPI data, boosts investor optimism

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