After positive macroeconomic trends in the US, Bitcoin climbed up from its previous week’s lows.
Bitcoin climbed above $22000 and witnessed a recovery, while the crypto market also recovered from its recent losses. Volumes of Bitcoin rose by over 17% to stand at $26.9 billion, while ETH also hovered around $1550.
The recovery could be attributed to the recent US Consumer Price Index (CPI) data, which indicated that annual inflation had fallen from 6.5% in December to 6.4% in January. Though the decline was less than market expectations, it provided a much-needed boost to the crypto market. The strong jobs report in the US also complimented the inflation data.
Bitcoin’s next resistance is at $22250, while the support level is situated at $22000. While it has climbed above $22000, experts have conveyed that it would be important for Bitcoin to consolidate its position over the mark in the next few weeks. Amongst other cryptos, Cardano gained by 8%, while Solana, Shiba Inu, Dogecoin, and Polygon also traded higher in the previous 24 hours.
The overall crypto market’s market capitalization stood over $1 trillion, rising by 2.5%. Experts believe macroeconomic factors could heavily influence the crypto market in the next few months. While regulatory frameworks across countries have gained momentum, a global consensus on crypto could boost the crypto market.
BTC/USD 1 month price chart
Bitcoin climbed up in the previous day, with most altcoins trading with bullish trends. Bitcoin is currently trading at around $22100 on February 15, 2023, with BTC/USD up by 1.77% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (22,683.67).