Many are stating the upcoming CPI data as a possible reason for the increases in BTC’s value.
As January 2023 nears the close of its second week, Bitcoin has come over $18,000 for the first time since around the middle of December 2022. This also marks an eight-day long streak of green candles, much to the delight of investors who remain positive about BTC’s recovery.
It’s to be noted that the last time BTC had witnessed a series of green candles this long was during July, 2021. The value of Bitcoin fell by about 65% over 2022 as the wider crypto market witnessed several disasters one after another- from the Terra-Luna death spiral to the fall of one of the biggest crypto exchanges across the globe. However, on a positive note, the price of Bitcoin has increased by around 8% over the past week as of January 12, 2023.
Meanwhile, the release of the US CPI or Consumer Price Index data is due today, and many have noted that the rally witnessed by Bitcoin might be in part due to that. Many expect the CPI report to show slowing inflation rates, which might cause the Federal Reserve to hold back on the interest rate hikes.
As of January 12, BTC/USD is trading above $18,100, and it’s up by about 4% in the last 24 hours. The $17,200 around levels are currently acting as the immediate key support for BTC.