• Bitcoin climbed higher when a closely-watched inflation index revealed that rising prices slowed in March.
• Popular analyst Michael Van De Poppe said that the market conditions are tough for altcoins and suggested a ‘rough correction’ is likely.
• According to the March inflation report, pricing pressures abated as the headline consumer price index increased 5.0% in the 12 months leading up to March.
Bitcoin Surges After CPI Reveals Slowing Inflation
The Consumer Price Index (CPI) revealed slowing inflation in March, driving Bitcoin’s gains higher. The Bureau of Labor Statistics stated that compared to 6%, the CPI rose by 5% through 12 months leading up to March. This news caused Bitcoin to remain green while most of the top ten altcoins were trading in red.
Tough Market Conditions For Altcoins Suggested By Analyst
Popular analyst and trader Michael Van De Poppe took to his Instagram handle and said that the market conditions are tough for altcoins. He suggested a ‚rough correction‘ unless Core/MoM will be good as well. Rekt Capital, another popular analyst, said that BTC/USD was continuing to build on its strong daily close from April 11 which took it above a significant resistance trendline.
Inflation Slows As Prices Increase
The CPI analyzed price increases across a wide range of goods and services, providing insight into the Federal Reserve’s next move. According to the report, inflation slowed from 0.4% each month down to 0.1%. This could mean more potential for Bitcoin’s recent rally with an opportunity for it surge above $32,000 and possibly reach its bullish target of $35,000.
Risk Management In Cryptocurrency Market
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The Consumer Price Index (CPI) reveals slowing inflation giving rise to further potential gains for Bitcoin with an opportunity for it surge above $32,000 and possibly reach its bullish target of $35,000 as risk management becomes increasingly important when investing within crypto markets