- The cryptocurrency market continues to surprise to the upside as Bitcoin’s price surged above $26,000 in the early trading hours on Tuesday despite the latest Consumer Price Index data showing that inflation remains persistently high at 6% year-over-year.
Lavish noted that market participants have been expecting the Fed to continue raising rates until either unemployment spikes, inflation drops significantly, or something breaks, which might have just happened with the collapse of Silicon Valley Bank. “If this price action is cemented by a high time frame candle close, and/or as long as there is no acceptance back below the mid-$20,000s, this move will constitute a breakout from a multi-month range,” the analysts wrote. “Breakouts are bullish until they aren’t.”Based on this assessment, Technical Roundup’s “bias is bullish until either $30,000+ is reached or the market finds acceptance back below $23,000-$24,000 .
Pump n dump.
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