Bitcoin Calms at $30K Before US CPI: Market Watch
• Bitcoin has stabilized around $30,000 ahead of the US CPI announcement.
• Most altcoins have retraced today, with ETH dropping below $1,900 and BNB dropping below $320.
• Solana’s price has continued to increase by 5% daily despite market sentiment.
Bitcoin Calms at $30K
Bitcoin has somewhat stabilized around the $30k mark in anticipation of the much-awaited US CPI numbers release later today. This follows a massive surge in prices on Monday which took bitcoin past the $29k and even the $30k mark for first time since prior to Terra crash.
Altcoin Prices Retrace
Most altcoins have experienced a price retraction since yesterday’s pump, with ETH sliding beneath 1,900 and BNB crashing through 320 support levels. SOL however has defied market sentiment by continuing its 5% daily growth streak.
US CPI Numbers
The US CPI numbers for March are scheduled to be released later today and could cause some significant volatility in BTC prices due to their potential impact on macroeconomic trends. To keep an eye on this development traders should be vigilant as we approach the release time frame.
10 Month High
Bitcoin reached a 10 month high when it peaked at 30400 during its Monday rally but has since lost some ground while dabbling with the 30k mark leading up to the US CPI numbers release today.
The current market sentiment surrounding bitcoin is rather quiet at present but it is expected that this will change shortly after the US CPI figures are revealed later today.