Analytics / Forex and Crypto News
Today the Bitcoin price is showing strong growth. The BTC/USD pair has risen above the marks of $54000, $55000, $56000. At the time of publication, the BTC/USD pair has come close to the level of $57000.
Analysts associate the current rise in the price of BTC with the inflationary expectations of investors.
Investors were expecting Core CPI data. Inflation is expected to accelerate to 1,4% in February. However, the actual figure was lower, 1,3%. Monthly Core CPI turned out to be 0,1% against the forecasted 0,2%.
Investors prefer to invest in the safest instruments. Bitcoin, although it is a volatile asset, is great for hedging inflationary risks.
If you look at the commodity market, in addition to BTC, gold is also showing an increase today. Troy ounces of gold and silver rose in price to $1720 and $26,2, respectively.
BTC/USD last traded above $57000 on February 21st. Then we saw a large-scale market correction, as a result of which the BTC price fell below $44000.
With the current growth, the BTC/USD pair will meet several important resistance levels around $57000, $58000. If the pair manages to overcome these levels, then this week we will see an increase above $60000.
According to Santiment, network activity is increasing, which is a positive signal for the market. Another important factor is the reduction in the exchange offer of Bitcoin. At the moment, this indicator is at a two-year low.
Also, the stock market is supporting Bitcoin today. Traders decided to switch from treasury bonds to risky assets after the yield on government securities began to decline.