Bitcoin hits $73K as cool US CPI data shows 60-year record gas price hike

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Bitcoin (BTC) tagged $73,000 following Friday’s Wall Street open as crucial US inflation numbers came in below expectations.

Key points:

Bitcoin edges higher as US CPI data remains slightly below market expectations.

Gasoline prices see a historic surge within the CPI release.

Bitcoin traders plan out key resistance levels overhead.

BTC price seeks new local highs after CPI

Data from TradingView showed BTC price eyeing new multi-week highs as markets digested the March print of the Consumer Price Index (CPI).

This was the week’s key macro data release, and the first CPI report to reflect the impact of the US and Israel war in Iran.

Gasoline prices jumped over 21% month-on-month, the Bureau of Labor Statistics (BLS) confirmed, but overall CPI finished 0.1% lower than markets’ expectations.

“Over the last 12 months, the all items index increased 3.3 percent before seasonal adjustment,” an official news release read.

“The index for energy rose 10.9 percent in March, led by a 21.2-percent increase in the index for gasoline which accounted for nearly three quarters of the monthly all items increase.”

Reacting, trading resource The Kobeissi Letter noted that the gas-price CPI jump was the largest monthly gain since 1967. The energy increase, it added in a further post on X, was the largest since 2005.

With the resulting mixed picture of inflationMarkets, however, had no hope for the Federal Reserve cutting interest rates — a conclusion already in place on the back of Thursday’s Personal Consumption Expenditures (PCE) index release, per data from CME Group’s FedWatch Tool.

Bitcoin traders draw the next resistance zones

Among Bitcoin market participants, there was modest reason for optimism over the short-term price outlook.

In their latest X analysis, trader JDK Analysis flagged
BTCUSD
acting within a narrowing wedge — a topic of debate since February.

“If price makes another attempt at the current key high, the reaction there will be critical!” they wrote in accompanying commentary.
ary forces, US stocks were mostly flat at the open, while BTC price action also avoided major moves up or down.

Markets, however, had no hope for the Federal Reserve cutting interest rates — a conclusion already in place on the back of Thursday’s Personal Consumption Expenditures (PCE) index release, per data from CME Group’s FedWatch Tool.

Bitcoin traders draw the next resistance zones

Among Bitcoin market participants, there was modest reason for optimism over the short-term price outlook.

In their latest X analysis, trader JDK Analysis flagged
BTCUSD
acting within a narrowing wedge — a topic of debate since February.

“If price makes another attempt at the current key high, the reaction there will be critical!” they wrote in accompanying commentary.

Trader Daan Crypto Trades meanwhile eyed exchange order-book liquidity below $74,000.
Earlier, Cointelegraph reported on a copycat signal from Bitcoin’s relative strength index (RSI) that began to echo the end of the 2022 bear market.
source: https://www.tradingview.com/news/cointelegraph:964a2701c094b:0-bitcoin-hits-73k-as-cool-us-cpi-data-shows-60-year-record-gas-price-hike/