04-11-2023 icon

Bitcoin trading price maintains upward momentum above $29.4K

By Lucy Adegbe

Bitcoin market value rallied to its highest level in more than 43 weeks in the late hours of April
10 as traders anticipate the recent week’s Wednesday consumer price index news to attain an
in-depth understanding of the Central Bank’s opposition to stagflation. If the news indicates that
inflation is declining, then it could see a positive reaction to the trade rate of Bitcoin.

On Monday, the market rate of Bitcoin ascended by 3.37%, attaining a price above $29,300
following a peaceful Easter weekend. Intriguingly, BTC’s day-long profits occurred
simultaneously with a plunge in the United States equities, an irregular detachment that reflects
the coin’s decreasing risk-on elements.

Bitcoin’s rally above $29,400 follows as all necessary CPI news publication is slated for the
12th of April and traders argue whether the central bank will consider a change.

Can BTC Attain The $30,000 Trade Rate In April?

From an elementary standpoint, BTC seems ready to take on that hit at $30,000 ahead of the
Fed-Federal Open Market Committee (FOMC). Nonetheless, its chances of retaining those
increases are mainly dependent on inflation statistics.

A technical commentary perspective notes that BTC should close above its seven days
opposition spectrum –illustrated by the $29,500 to the $32,000 axis– to consider an
improvement approaching $40,000.

This spectrum acted as an aid in December 2020 to February 2021 stretch, alongside the
May to July 2021 and the January to March 2022 stretch.