Bitcoin rallies $679.8 (3.95%) deep into the session, trading at $17,900.
Bitcoin is currently trading at $17,900 following the release of Consumer Price Index data from the United States.
At the same time, United States Consumer Price Index released today at 13:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Core Consumer Prices came out at 0.2%, while a consensus of analysts was expecting 0.3%. United States Consumer Price Index released today at 13:30 UTC with a figure of 7.1%, while the previous figure was 7.7%.
Bitcoin has crossed the upper Bollinger Band® at $17,684, a potential sign that further gains are to follow. Bitcoin broke through the $17,345 resistance, climbing $556.07 above it. On the other hand, note that despite posting gains so far today, Bitcoin slid below its 5 day Simple Moving Average at $17,155 in earlier trade — an early indicator that a negative trend could be emerging.
According to technical analysis, it looks as if Bitcoin likely to continue pointing upward in the short term.
Other markets are also showing gains as having closed the previous session at $1,276, Ethereum is up 4.8% today to currently trade at around $1,337.41. Bitcoin Cash moves up 4.15% to trade around $110.83.
At the same time, FTX Token is down $0.096 from the beginning of the session and now trades around $1.39.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.91 million, having previously been at -5.19 million. The figure will be published tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States Interest Rate is expected tomorrow at 19:00 UTC. United States FOMC Economic Projections is scheduled tomorrow at 19:00 UTC.
Bitcoin reached a significant high of $51,273 around 11 months ago but has lost 66.41% since then.