The recently released US Consumer Price Index (CPI) figures, which underperformed expectations, have been factored into the cryptocurrency market. The cryptocurrency community is anticipating the release of the Ethereum Shanghai Upgrade, which will enable gradual staking withdrawals. Investors are anticipating upcoming statistics on inflation and believe that if inflation remains high, the US government will need to change its monetary tightening policies, which may favor Bitcoin as a more appealing investment option. The global cryptocurrency market has been performing well due to rising inflation, making investors worried about their investments losing value. Bitcoin is a popular alternative because it’s not controlled by any government or central bank. This news is significant because it shows the growing importance of cryptocurrencies in the global financial ecosystem. Bitcoin has outperformed most traditional stocks and bonds this year and continues to gain adoption by public companies like Microstrategy and Tesla. From a technical analysis standpoint, the BTC/USD pair exhibits a clear upward trend as it approaches above the $30,250 mark. If this milestone is surpassed, the Bitcoin price might face resistance at $30,600 before progressing toward $31,000 or potentially even $32,250. Bitcoin’s support remains consistently strong near the $28,900 level.
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