$BTCUSD Forex Signal: Break and Retest To Push BTC to 45,480 Get our trade suggestions for bitcoin here:
price rallied as investors reflected on the American inflation data. The rally also coincided with the overall positive performance of other assets like gold and stocks. The Dow Jones and S&P 500 indices rose by about 0.20% on Wednesday.
The jump happened after the US published the latest consumer inflation data. The numbers revealed that the country’s inflation jumped to 7%, the highest it has been since 1982. The core CPI also jumped to 5.5% in December. These numbers came a few days after the US published the latest employment numbers. The data showed that the unemployment rate declined to 3.9% in December, which was the lowest level since the Covid-19 pandemic started.
The Federal Reserve has two main mandates. It is supposed to ensure that inflation and unemployment rate remains as low as possible. Therefore, these numbers mean that the Fed will need to intervene in the coming months. The Fed chair confirmed this view in his testimony on Tuesday. Therefore, the BTC/USD pair rose after the strong inflation data because they signalled that inflation may have peaked.ecosystem is doing well. For example, data shows that the number of big Bitcoin holders is growing. Most importantly, the biggest Bitcoin addressess have continued to add to their positions.This jump happened after the pair managed to move below the key support at 40,000. Therefore, to some extent, this recovery rally can be considered a dead cat bounce.
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