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Bitcoin bounces back to $42,000, market awaits fresh CPI read

 

Bitcoin ( BTC ) rallied as high as $42,000 on March 9 after an overnight rally enabled it to bounce back above the crucial $40,000 level.



A sudden squeeze allowed BTC/USD to jump above the upstream resistance of $39,600, according to data from Cointelegraph Markets Pro and TradingView , for a daily gain of 11.3% over the past 24 hours.


An interim daily high of $42,438 is slowly improving sentiment, but overall caution remains dominant.


Above all, the ongoing Ukraine conflict, rising inflation in the USA and the forthcoming executive order from the President on the subject of cryptocurrencies are the greatest factors of uncertainty.


“I can't deny that the market is looking a little better after this move. All in all, it still remains very fragile and uncertain in the short term,” says Cointelegraph expert Michaël van de Poppe .


Colleague Pentoshi also remains skeptical, although Bitcoin's recent bounce has allowed it to climb back to the top end of the price range the crypto market leader has been in since the beginning of the year.




"This squeeze was already quite good, but ultimately Bitcoin has to climb back to $46,000 - $47,000 for the upswing to really come back," as crypto analyst William Clemente from the mining company Blockware meanwhile assesses the situation .


It remains to be seen how the new consumer price index (CPI) for February will affect the price. The experts assume a value of 7.9%, which could provide additional volatility.


The data could also provide an indication of the forthcoming interest rate hike by the US Federal Reserve. The impact of the increase will depend entirely on its size, which makes the CPI for the past month all the more important as an indicator.


“In my opinion, the first major BTC crash of 2021, which saw it crash from $60,000 to $30,000, was triggered by the mining ban in China. The second big crash from 60,000 to 30,000 US dollars in 2021 was then brought about by a combination of rising inflation, a planned interest rate hike and the end of quantitative easing”, as the much-cited crypto expert PlanB points out in this context . To which he adds:


"Currently, the chances of interest rate hikes & the end of quantitative easing are rather slim."

.


The market leader is therefore currently quite strong in comparison with the altcoins, because the top 10 cryptocurrencies are finding it difficult to keep up.


While Ether ( ETH ) can at least bring in a whopping plus of 7.2%, Ripple ( XRP ) only manages a gain of 3.7%.


The only exception is once again Terra ( LUNA ) as LUNA/USD is up a whopping 20% ​​to its highest level since mid-January.

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