Can a rising CPI boost Bitcoin? 3 reasons BTC price is rebounding above $36K

Bitcoin’s price has soared to $36,000, up from an all-time low around $3,000 in mid-2017. The price has soared in part due to the massive increase of interest for Bitcoin in China. China “has become the world’s major global bitcoin exchange market,” according to the China Internet Network Information Center. “From January to September, China’s bitcoin trading volume surged by triple digits, surpassing Japan and the U.S.” The continued rise in the price of Bitcoin is a reflection of its growing popularity as a store of value despite a lack of additional uses and its price volatility. As the world’s largest economy, China’s rising CPI has the potential to boost bitcoin.

BTC price is rebounding above $36K after a slightly disappointing week, but why is this happening? Here are three reasons:

When looking at any chart, it is important to understand what forces are driving it and at what time. So, what is Bitcoin’s underlying reason for rising? Today, I will look at three major forces that are influencing today’s price.. Read more about what was bitcoin worth in 2013 and let us know what you think. The price of bitcoin (BTC) returned to the $36,000 mark in New York trading on Wednesday as investors awaited new inflation data for May and El Salvador passed a law making cryptocurrencies legal in the country.

The bottom of the Haussemarket ?

The benchmark crypto-currency jumped 9.86% to an intraday high of $36,696, making up for some of the previous session’s losses. With the pullback, the BTC/USD pair fell to nearly $31,000 on Tuesday, raising fears that it has entered a similar bearish phase to 2018, after peaking at $65,000 in mid-April. #Bitcoin on the charts: The important levels to keep an eye on are at $30,000 and $47,000. Below $30,000, this opens the possibility of a deeper pullback to the previous late 2017 high at $20,000. A return of over $47,000 would bring attention back to the current record. $BTCUSD #crypto – LMAX Group (@LMAX) 25. May 2021 On the other hand, the bulls have continued to predict that bitcoin will be an important tool against inflation. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said the odds of the cryptocurrency reaching $40,000 in the next few sessions are greater than reaching $20,000. He said: Capitulation? 40,000 seems more likely than $20,000 – bitcoin drops on the 8th. June and the retest of lower support at $30,000 showed many signs of the extreme bearish sentiment that characterizes prolonged bull market lows.Bitcoin is trading at reduced levels, according to Mike McGlone of Bloomberg Intelligence.

Central American large pump

Bitcoin has received a boost from El Salvador. The Central American country, led by President Nayib Bukele, has become the first state to allow bitcoin as legal tender. The law will go into effect in 90 days and will allow Salvadorans to use bitcoins to pay for and accept goods and services. You will also be able to pay your taxes in cryptocurrencies. Buquelet also announced that El Salvador will use the country’s volcanic energy to mine bitcoin. The announcement was made in response to Tesla CEO Elon Musk’s announcement to suspend bitcoin payments due to environmental concerns. Musk’s decision caused serious FUD among investors and triggered a huge drop in the cryptocurrency market. Elon never thought his FUD #Bitcoin would be hit by Vulcan’s energy hammer. – Vijay Boyapati (@real_vijay) 9. June 2021

Key figures for future inflation

Bitcoin’s recent upward movement also took place in a technical support environment. Around $31,000, traders have expressed bullish confidence in the short term, as the cryptocurrency has managed to hold $30,000 as support in the recent past. For example, bitcoin jumped on the 19th. May, up over 40% overnight after testing a low of $30,000. Bitcoin is maintaining a long-term uptrend above $30,000. Source: TradingView Can a rising CPI boost Bitcoin? 3 reasons BTC price is rebounding above $36K Yuri Mazur, head of data analysis at broker CEX.IO, said BTC/USD could hold around $30,000 as support despite the recent pullback. The senior analyst cited higher inflation as an argument for his bullish analogy. He told Cointelegraph: Given bitcoin’s current pullback, the fact that analysts expect U.S. CPI to rise to 4.7% could be a big boost for BTC/USD […] Ultimately, bitcoin could reap big gains if inflation continues to rise, which it certainly seems to be doing. These statements came despite fears that the Federal Reserve will eventually raise interest rates to bring inflation to its desired 2% target. US Treasury Secretary Janet Yellen made it clear in an interview with Bloomberg that a rate hike would be a plus. A higher price reduces investor interest in hedge assets like bitcoin and gold. But according to Yuri, the interest rate hike will not hurt the demand for bitcoin among investors, as expensive loans will reverse the rise in US stock indices. He added: If the Fed raises interest rates in a hawkish manner, it will slow down inflation, but create significant risks of a stock market crash as corporate credit quickly becomes more expensive. In this scenario, bitcoin could also attract more funds, as it almost serves as a last repository of value in times of high economic risk and more investors will seek a safe haven for their money. The US CPI data will be released on Thursday.In the past few months, Bitcoin has rebounded significantly after several months of selling pressure. The reason for this has been the U.S. Federal Reserve’s decision to raise its policy rate by 25 basis points in June, which has caused the Federal Funds rate to rise from 1.75% to 2.00%.. Read more about what did bitcoin start at and let us know what you think.

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