Traders say Bitcoin is on the verge of a “new cycle” now that bulls are set on flipping $45,000 to support.
shows that after trading below $44,000 during the early hours on Thursday, the price of Bitcoin spiked to an intraday high at $45,850 following the release of the CPI data and most major stock market indices plunged into the red.Here’s a look at what several analysts are saying about how Thursday’s CPI print could affect the price action for BTC moving forward and what levels to keep an eye on as the world grapples with high inflation.
the following chart detailing the range-bound trading for BTC over the past year stating “with a bit of luck, Bitcoin may see follow-through to the upside, even beyond $50,000.”Should BTC manage to hold its momentum at these levels, “Bitcoin has near targets of $46,300 - $46,500.”“The most important line in the sand is defined at $51,000 by the price action of Bitcoin. That level could be expected to work as a magnet for BTCUSD if we are to see follow-through to the upside.
According to Mandara, the fact that the crypto market has been able to rally higher despite tighter than expected liquidity conditions “suggests macro factor may be affecting them less than before.”
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