Bitcoin (BTC) surprises market by reclaiming $28K, here's what happened BTC $BTC
The lower-than-expected reading potentially gives the Fed room to pause interest rate increases soon, analysts believe.
The United States announced that the CPI annual rate in April is 4.9%, which was expected to be 5.00%, and the previous was 5.00%. The core CPI annual rate in April is 5.5%, expected 5.50%, and the previous was 5.60%.The United States announced that the CPI annual rate for April was 4.9%, slightly lower than the anticipated figure of 5.0% compared to last month's data. Meanwhile, the core CPI annual rate in April was 5.5%, in line with expectations, while the previous rate was 5.6%.
The majority of cryptocurrencies also traded in the green at press time, making a sudden recovery from prior-day lows.The BTC price fell to a low of $27,629 on May 8. The bulls put in a recovery attempt, but their efforts were unmatched by the bears. With the recent CPI announcement, Bitcoin made a jump to intraday highs of $28,334, up from lows of $27,500.IntoTheBlock
. This would imply that if the BTC price continues to decline below current levels, there might not be strong buying support until around $24,000. In contrast, stronger buying is observed in the ranges up to $30,000. This is consistent with on-chain data that suggests long-term holders are not selling at these prices. Analysts at IntoTheBlock believe that if the price moves upward, these levels may signal additional buying pressure rather than forming resistance during a move higher.
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