Here's how Bitcoin price reacted to BTC's fourth largest transaction of 2023 $BTC
According to the on-chain analytics tool, now that the $30K Bitcoin price mark has been crossed, large moves like these should become more frequent as the crowd polarizes.
On April 11, Bitcoin surpassed $30,000 for the first time since June, bolstered by bets on looser monetary policies that have helped cryptocurrencies perform exceptionally well this year. Some groups of investors being drawn to crypto as an asset outside of traditional banking and finance may have contributed to this increase in part.The rally subsided as Bitcoin fell below the critical $30,000 threshold early Wednesday. The market capitalization has dropped 1.29% during the last 24 hours. Traders likely garnered profits ahead of the release of the U.S. Consumer Price Index for March.
At the time of writing, Bitcoin was down just 0.45%, trading at $30,011. Analysts also drew attention to the persistently low liquidity that bears claim distorts pricing and may trigger an immediate reversal if central banks persevere in fighting inflation. Investors will be watching closely for fresh clues about the Fed's monetary policy in Wednesday's CPI data, Thursday's FOMC Minutes and PPI inflation data, and Friday's sales and consumer sentiment data.
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