Even though the US CPI inflation data indicated a rise in numbers, crypto market volumes were balanced, with BTC generating its recovery.
The crypto market broke away from low volatility, with Bitcoin moving ahead of the $26000 mark. Crypto market volumes stayed stable, with most tokens seeing a price surge. The current crypto prices could sustain for a while before the market stabilizes. The momentum in the crypto market has turned bullish with the latest rally.
The US has reported an inflation rate of 3.7% in August. The CPI inflation data could not affect the crypto market negatively, though.
The press release from the government said, “The energy index rose 5.6 percent in August as all the major energy component indexes increased. The food index increased 0.2 percent in August, as it did in July.”
While Bitcoin had crossed $26500 earlier, it is trading below that level presently. If it can consolidate above $26000, it could see further rallies within the month. ETH has also broken its $1600 resistance, with an overall market cap of $198 billion. Broadly, crypto market prices saw an increase.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26200 on September 14, 2023, with BTC/USD trading higher by 1.4% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,109.23) after several days, as BTC’s 24-hour volume stayed at around $14 billion. Bitcoin has seen around 58.23% returns on a year-to-date basis.