Core

2024

Bitcoin

when

<img width="1862" height="1058" src="https://coingape.com/wp-content/uploads/2024/03/image7-1.png" class="attachment-full size-full wp-post-image" alt="Bitcoin" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/03/image7-1.png 1862w, https://coingape.com/wp-content/uploads/2024/03/image7-1-300x170.png 300w, https://coingape.com/wp-content/uploads/2024/03/image7-1-1224x695.png 1224w, https://coingape.com/wp-content/uploads/2024/03/image7-1-768x436.png 768w, https://coingape.com/wp-content/uploads/2024/03/image7-1-1536x873.png 1536w, https://coingape.com/wp-content/uploads/2024/03/image7-1-150x85.png 150w" sizes="(max-width: 1862px) 100vw, 1862px">
Bitcoin Price: <a href="https://coingape.com/bitcoin-news-whales-with-over-1000-btc-cash-out-profits-a-correction-ahead/">Bitcoin</a>, the leading digital asset by market cap, is in price discovery mode, marking its new all-time high of $72,850 on Monday. The BTC price has been riding an aggressive rally since late january when the price rebounded from $38600. The positive upswing has uplifted the coin 86% to reach the current trading price of $71590. With the rising trading volume, the coin price breached the neckline resistance of the cup and handle pattern, signaling the potential for further growth. 
Also Read: <a href="https://coingape.com/us-cpi-comes-in-hotter-3-2-bitcoin-price/">Breaking: US CPI Comes Hotter at 3.2%, Bitcoin Price to Fall?</a> 
<h2 id="b-inflation-rises-to-3-2-bitcoin-reacts-with-volatility-b">Inflation Rises to 3.2%: Bitcoin Reacts with Volatility</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/u/unuKJau3.png" alt="BINANCE:BTCUSD Chart " width="1946" height="937">
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 Bitcoin Price| Tradingview
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On Tuesday, the US Bureau of Labor Statistics (BLS) disclosed the annual inflation rate in the US, as indicated by the Consumer Price Index (CPI), climbed to 3.2% in February, up from 3.1% in January.&nbsp; 
The Core CPI, which removes the fluctuating costs of food and energy, reported a year-on-year increase of 3.8% for the same month, slightly below January’s 3.9% rise but surpassing the anticipated 3.7%. 
Amid the release, Bitcoin witnessed a short surge in volatility as price hit a high of $72628 only to retrace back to $71683. Furthermore, a recent report from Lookonchain reveals a whale withdrew 2,050 <a href="https://coingape.com/robert-kiyosaki-advocates-bitcoin-btc-as-us-debt-crosses-34t/">BTC</a> ($147.67M) from Kraken 10 hours ago, adding to a total of 10,340 BTC ($742.98M) since March 1.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 This whale withdrew 2,050 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($147.67M) from <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a> again 10 hours ago. 
 And he has withdrawn 10,340 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($742.98M) from <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a> since Mar 1.<a href="https://t.co/Sg0jd05x3q">https://t.co/Sg0jd05x3q</a> <a href="https://t.co/XHk0X6wl6f">pic.twitter.com/XHk0X6wl6f</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1767435154468024574?ref_src=twsrc%5Etfw">March 12, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This accumulation at record levels suggests that savvy investors believe Bitcoin is unlikely to reach an immediate peak. 
Also Read: <a href="https://coingape.com/michael-saylor-says-bitcoin-will-eat-gold-emerging-as-top-asset-price-surges-over-72k/">Michael Saylor Says Bitcoin Will “Eat” Gold, Emerging as Top Asset, Price Surges Over $72k</a> 
<h2 id="b-btc-breakout-from-rounding-bottom-signals-major-recovery-b">BTC Breakout from Rounding Bottom Signals Major Recovery</h2> 
An analysis of the daily time frame shows the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> developed a bullish reversal pattern called the rounding bottom. This chart pattern often hints at the maturity of a downtrend and a renewed recovery trendline in the market. On March 11th, the BTC price gave a bullish breakout from the pattern neckline resistance of $69275. 
If the pattern holds true, the BTC price should chase the theoretical target of $123000. 
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Pivot Levels: As per the recent price movement, the pivot level projects potential resistances at $77700, followed by $91500.</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The RSI slope(78%) close to the overbought region indicates the buyers may need occasional pullback to regain strength.</li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-how-bitcoin-price-reacted-to-februarys-cpi-report/">Here’s How Bitcoin Price Reacted to February’s CPI Report</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s How Bitcoin Price Reacted to February’s CPI Report

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