The Consumer Price Index (CPI) reading released on the 13th of February did not go down well for Bitcoin [BTC] price and the broader market
Bitcoin A higher-than-anticipated result meant that nominal rates were higher which made it difficult for investors to consider BTC as an urgent store of value. For the unaccustomed, the CPI is a measure of the aggregate price level in an economy.However, a high CPI suggests an increase in prices. Therefore, investors might not consider buying cryptocurrencies as an emergency decision.
Despite the decline, AMBCrypto noticed that participants remained hopeful that BTC’s short-term potential might remain bullish. One metric that explains this is the Short Term Holder- Net Unrealized Profit/Loss . This metric considers only UTXOs younger than 155 days and serves as anFrom the chart above, Bitcoin holders have moved on from capitulation . Also, the hope that the price would improve was solid. Should this continue, investors’ behavior might move to optimism .Another major meeting that could affect Bitcoin’s price going forward is the FOMC. The FOMC stands for Federal Open Market Committee.
In the meantime, on-chain data from Santiment showed that BTC was closing in on a return to $50,000. The post mentioned that the disappointing CPI outcome put traders in panic. But now, market participants were takingIf Bitcoin reclaims $50,000, then major altcoins might also rebound. Should this be the case, BTC might try and test $55,000 while a widespread altcoin rally might begin.Victor is a full-time journalist at AMBCrypto.
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