Bitcoin (BTC) has surpassed the resistance level of $71,500 and has risen by over 4.2% in the last 24 hours, reaching $72,400. This development has been noted by renowned crypto analyst Rekt Capital in a recent post on the X platform, emphasising that Bitcoin has successfully retested its breakout from a symmetrical triangle pattern.
Ali Martinez, a prominent crypto analyst, pointed out through a technical analysis that, based on the four-hour Fibonacci extension, Bitcoin is potentially setting its sights on reaching $85,000. However, for this bullish momentum to persist, Bitcoin must maintain consistent closures above $74,000 in the upcoming days.
The spotlight now turns to the United States with the upcoming March Consumer Price Index (CPI) announcement, set for April 10. This crucial inflation gauge index could sway the Federal Reserve’s interest rate decisions. The subsequent day promises further economic insights as the March Federal Open Market Committee (FOMC) meeting minutes are released, with prevailing predictions leaning towards stable interest rates in May.
Such economic events play a pivotal role in shaping the performance of digital assets, particularly Bitcoin. Steady interest rates, suggesting a balanced economic stance, often pave the way for increased investments in higher-risk portfolios, including cryptocurrencies.
Bitcoin is trading at $72,272, marking a significant increase of 4.32% in the last 24 hours and is poised for potential gains if the forthcoming U.S. economic reports signal a conducive environment. Technical analysis also spotlights the crucial $67,000 threshold, a recurrent pivot for Bitcoin’s value trajectory. A sustained position above this level could propel Bitcoin towards new peaks, while a fallback might find solace at the 50-day Exponential Moving Average (EMA) around $57,757.
The anticipation surrounding the CPI and FOMC announcements could either fuel Bitcoin’s ascent or test its resilience. A favourable economic outlook, characterized by stable or declining inflation, could bolster investor confidence in riskier assets, setting the stage for Bitcoin and its digital counterparts to thrive in an environment of economic stability.
