Bitcoin treads water at $30k as altcoins take a hit

- The cryptocurrency market saw a slight pullback in prices Wednesday as the latest Consumer Price Index data came in lower than expected, with monthly inflation rising by 0.1% while the CPI was up 5% year-over-year.

Data provided by TradingView shows that the CPI data also led to a volatile trading day for Bitcoin , with its price surging to a high of $30,706 near midday, only to crash to a low of $29,840 several hours later before ultimately climbing back above support at $30,000.

Leading up to the CPI release, analysts from Eight Global noted that “Bitcoin remains relatively strong, but the altcoins are bleeding heavily.” A good visual representation of this fact can be found on the Bitcoin Dominance chart, which has been rising since November and just hit its highest level since May 2022.“We are seeing that the chart is in a high timeframe range and it is trying to break out of that range,” wrote Eight Global.

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