Bitcoin derivatives suggest $26K resistance level won’t hold for long
BTC/USD
-2.17%
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The price of Bitcoin (BTC) increased by 28% between March 12 and 14, reaching $26,500, its highest level since June 2022. Some may attribute the gains to the Consumer Price Index’s (CPI) 6% year-over-year increase in February, even though the figure was in line with expectations.
The inflation metric reached its lowest level since September 2021, which is a positive development, but it does not validate the United States Federal Reserve’s attempt to reduce the metric to 2%. Most likely, risk markets, such as stocks and cryptocurrencies, soared after regional bank stocks recovered from their March 13 lows.
