Bitcoin

In January, prices rose by 0.3% compared to December, according to the consumer price index (CPI). The overall value of the cryptocurrency market has reached $1.87 trillion, marking a 3.66% rise in the last day alone.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Cryptos-Headlines-Token-Airdrop-Is-Live-Claim-Your-Reward-Now-1.png?fit&#61;900%2C200&amp;ssl&#61;1" />On Tuesday evening, big digital currencies went up in value. This happened because the U.S. <a href="https://cryptosheadlines.com/eurozone-consumer-inflation-expectations-significantly-higher-reports-ecb/" rel="noopener noreferrer nofollow">inflation was higher than expected</a>, making people less hopeful about the possibility of interest rates going down.<h3 id="cryptocurrency-market-and-inflation-data-impacting-stocks">Cryptocurrency Market and Inflation Data Impacting Stocks</h3>The largest cryptocurrency, Bitcoin, saw a slight decline of about 1% to $49,500 after briefly surpassing $50,000 earlier in the day.In January, the consumer price index (CPI) rose by 0.3% compared to December, with a yearly increase of 3.1%. Economists had expected a monthly increase of 0.2% and a yearly rise of 2.9%.Core prices, which exclude volatile food and energy components, increased by 0.4% monthly and 3.9% annually. The global cryptocurrency <a href="https://cryptosheadlines.com/usdt-market-cap-reaches-record-high-binance-ceo-cz-acknowledges-with-busd-tweet/" rel="noopener noreferrer nofollow">market cap reached</a> $1.87 trillion, reflecting a 3.66% rise in the past day.Stocks <a href="https://cryptosheadlines.com/alarming-data-decline-of-terra-classic-lunc-in-crypto/" rel="noopener noreferrer nofollow">declined as hotter-than-expected inflation data</a> boosted Treasury yields. The Dow Jones Industrial Average dropped by 1.35% to close at 38,272.75, the S&amp;P 500 fell by 1.37% to 4,953.17, and the Nasdaq Composite decreased by 1.8% to settle at 15,655.60.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" />Following the CPI release, the 2-year Treasury yield exceeded 4.66%, and the 10-year yield surpassed 4.32%.<h3 id="bitcoin-correction-and-analyst-s-insights">Bitcoin Correction and Analyst’s Insights</h3>Cryptocurrency analyst Michael Van de Poppe notes a slight correction in <a href="https://cryptosheadlines.com/bitcoin-price-model-predicts-732000-following-accurate-60000-forecast/" rel="noopener noreferrer nofollow">Bitcoin’s price following</a> the higher-than-expected CPI.<a href="https://cryptosheadlines.com/chainlink-link-whale-transfers-14-7m-analyst-eyes-bullish-breakout/" rel="noopener noreferrer nofollow">Also Read: Chainlink (LINK) Whale Transfers $14.7M; Analyst Eyes Bullish Breakout</a>Van de Poppe emphasizes that while inflow into Bitcoin is positive, it doesn’t guarantee an endless upward trajectory. He suggests that as long as <a href="https://cryptosheadlines.com/european-central-bank-ecb-maintains-interest-rates-bitcoin-price-finds-relief/" rel="noopener noreferrer nofollow">Bitcoin maintains a price</a> above $46,000, the overall trend remains upward. Additionally, he highlights a <a href="https://cryptosheadlines.com/coinbases-positive-developments-for-bitcoin-and-cryptos/" rel="noopener noreferrer nofollow">positive development</a>: the ETH/BTC pair is showing signs of bouncing upward.<h3 id="potential-bubble-and-price-predictions">Potential Bubble and Price Predictions</h3>The analyst raises the possibility of a “crypto dot-com bubble” scenario unfolding in the digital asset market. Despite this cautionary note, Van de Poppe predicts significant potential for <a href="https://cryptosheadlines.com/bitcoin-price-surges-on-us-feds-jerome-powell-rate-hike-hints/" rel="noopener noreferrer nofollow">Bitcoin’s price to surge</a> due to widespread adoption. He suggests that Bitcoin could rally to well above $500,000, with potential peaks at $250,000 or even $600,000.<h3 id="bitcoin-s-technical-analysis-by-analyst-ali-martinez">Bitcoin’s Technical Analysis by Analyst Ali Martinez</h3>Cryptocurrency analyst Ali Martinez has highlighted an ascending triangle formation in Bitcoin’s lower time frames.Martinez suggests that this technical pattern indicates a <a href="https://cryptosheadlines.com/aggressive-bitcoin-shorting-raises-potential-for-price-reversal/" rel="noopener noreferrer nofollow">potential 1.60% increase in Bitcoin’s price in the short</a> term. According to Martinez, traders should pay close attention to two crucial levels: the resistance at $50,200 and the support at $50,000. These levels could significantly influence Bitcoin’s price movement.<a href="https://cryptosheadlines.com/solution-deployed-to-restart-sol-network-amid-outage/" rel="noopener noreferrer nofollow">Also Read: Solution Deployed to Restart SOL Network Amid Outage</a>Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Cryptos Surge Despite US Inflation: Analyst Predicts Bitcoin Could Reach $600K

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