The US Bureau for Labor Statistics (BLS) released Consumer Price Index (CPI) data for March. Both CPI YoY, at 5% and CPI MoM at 0.1% came in below market expectations, supporting Bitcoin’s bullish thesis.
The asset climbed past the $30,500 level ahead of the release and experts believe BTC is likely to continue yielding gains for holders with CPI coming in at market expectations.
Bitcoin price witnessed a massive gain in its price as BTC holders rejoiced. The headline Consumer Price Index data figures came in below market expectations, fueling a bullish sentiment and a positive reaction among market participants.
Bitcoin price has recently outperformed stocks and witnessed a higher correlation with Gold, rather than Nasdaq 100, setting the stage for its gains. On Bitcoin shorter time frame charts, the US CPI release has triggered a large bullish engulfing candle.
BTC is therefore likely to sustain its recent gains and the largest asset by market capitalization is positioned for a run up to $32,000. The 28,000 – $32,000 level is a key range where Bitcoin price faces resistance, since June 2022. A rally past $32,000 could clear the path for BTC to hit the $35,000 bullish target.