Today's surprise Bitcoin rally is a net positive for bullish traders who expect BTC price to hit $30,000 in April.
Bitcoin rose to its highest level in ten months on April 10 as traders await this week's April 12 consumer price index report to gain deeper insight into the Federal Reserve's fight against sticky inflation. If the report shows inflation dropping, it could be the next possible catalyst that further's BTC's upward move.
On April 10, BTC price soared 3.37% to over $29,300 after a quiet Easter weekend. Interestingly, Bitcoin's intraday gains appeared alongside aBTC/USD year-to-date returns versus U.S. stock indexes. Source: TradingView data on April 12, which expects to show inflation down to 5.1% from 6.0% year-over-year previously.Federal Reserve shifting in a more dovish direction
. Conversely, persistent inflationary forces could lead traders to bet on more interest rate hikes in May. Bitcoin's rise above $29,000 suggest that crypto traders have been pricing in a drop in inflation, which, in turn, could lead to a potential Fed pivot., which tracks the greenback's strength against a basket of top foreign currencies, climbed 0.7% on April 10, which, alongside a weaker U.S. stock market, shows macro investors see a rate hike ahead.
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