Bitcoin reached an impressive milestone in mid-April, rising above the $31,000 mark for the first time in ten months. This development came as global inflation continued to fall, leading many experts to predict that central banks may soon pivot away from their current policies of monetary tightening.
The first half of April saw a period of consolidation as traders digested March’s banking crash and the Federal Reserve’s 25 basis point rate hike. However, following the release of inflation data, which revealed that consumer prices in China had fallen to an eighteen-month low, Bitcoin’s price rose above $30,000.
In the United States, prices have also dipped, falling to 5% in March, with retail sales also edging lower. These factors have helped Bitcoin’s price, leading to a rise above the $31,000 mark for the first time since last June.
Last month, when BTC was trading at a low of $19,628.25 on March 10, the cryptocurrency has now moved to a high of $31,005.61. One of the catalysts for this move was a breakout on the 14-day relative strength index (RSI). Bulls moved past the 68.00 mark, pushing Bitcoin into overbought territory by hitting a peak at 72.44. In January, the index rose to a high of 89.00, suggesting that despite being overbought, there could be further gains as the month progresses.
However, if the RSI falls below its support at 68.00, bears may appear. So, while things are looking good for Bitcoin, it’s still too early to make predictions about how the month will end.
It is important to remember that this article is intended for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services, or companies. Bitcoin.com does not offer investment, tax, legal, or accounting advice. Neither the company nor the author is responsible for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.
In summary, Bitcoin’s price rise above the $31,000 mark for the first time in ten months comes as global inflation falls and traders digest March’s banking crash and the Federal Reserve’s rate hike. While Bitcoin’s price is up, it’s too early to predict how the month will end, and nothing in this article constitutes a direct offer or solicitation of an offer to buy or sell any product or service.
