Bitcoin (BTC) price lost its grip around the $70,000 price mark as the news of the hotter-than-expected Consumer Price Index (CPI) caught investors unawares. Bitcoin price traded at a 24-hour low of $67,503.57, a drop from an intra-day high of $69,568.55.

The Epic Bitcoin Price Rejection

Since the start of this month, the price of Bitcoin has recorded some of the most dynamic movements. From a high of $70,849.23 on April 1, Bitcoin faced a massive rejection that saw its price pulled down to $64,630 as of April 2. 

The impact of spot Bitcoin Exchange Traded Funds (ETF) is no longer impacting as positively in the price of the asset as it did in February and March leading BTC to a new All-Time High (ATH) above $73,000.

Bitcoin Monthly Chart. Source: CoinMarketCap

It is worth noting that daily accumulation of BTC is still ongoing among the ETF issuers, however, the coin’s price is arguably in a period of latency that makes extra changes hard to decipher.

At the time of writing, Bitcoin’s price appears to be consolidating around the $69,340.88 mark after amassing a 0.88% growth. This mild uptick shows recovery as the coin slumped by over 6% earlier when the United States Bureau of Labor Statistics (BLS) unveiled that the CPI or preferred inflation gauge for March was 3.5%. This is above the 3.4% analysts had projected earlier.

With this higher inflation, the chances of a rate cut are notably lower and President Joe Biden has also confirmed that interest rate cuts may be delayed for much longer.

Bitcoin Whales Might Offer Needed Support

Bitcoin whales are arguably exploring the current market to swipe a major share of BTC at discounted rates.

Data from IntoTheBlock pegs the dollar equivalent of Bitcoin acquired over the past 24 hours at $57.07 billion. This volume is reflective of the massive influx and ultimately flows beyond the known Bitcoin whales patronizing the spot Bitcoin ETF issuers.

Compared to April 7, Bitcoin has seen a jump from 16,710 whale transactions to 19,430 as of April 9. In anticipation of an uptick in Bitcoin price, the alignment of these growth factors ahead of the coming Bitcoin halving event can stir a massive upshoot that can help BTC form support around the $70,000 mark.

The post Bitcoin (BTC) Price Faces Harsh Rejection, Whales Seek Out Opportunity appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am