Bitcoin appears to have undergone a short-term bounce with the announcement of the US CPI rates being lowered to 8.5% YoY. The upswing mirrors the bounce carried out during the revelation of the fresh inflation rates, recently. However, the bearish cartel always looks out for such an opportunity to take profits on their longs to drag the price lower.
Will BTC’s price sustain the pivotal surge close to or beyond $24,000? If yes, how long?
The star crypto has always reacted positively on every occasion when the US has released either the inflation or CPI rates. However, the trading volume is currently half of that of the day when the US inflation rates were let out. Therefore, the possibilities of ascending consolidation appear to be high unless the bears hold on to their horses.
Conversely, Bitcoin in the larger time frame is flashing huge buying signals. The RSI in the 2-week time frame has displayed a strong bullish divergence and hence it is expected that the asset could ignite a firm upswing ahead.
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