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Bitcoin Hits $70k on Report of a Positive Consumer Price Index. Holds $68k

Bitcoin attmepted a return to $70k a few hours to the time of writing. It looked to erase the previous day’s losses as it shot up to the current high.

Nonetheless, the 2-hour chart depicts that the surge started in the early part of Wednesday. Currently holding on to $68k, the coin experienced an almost 3% decline on the same scale.

The latest price hike is in reaction to signs of decreasing US inflation. The concerned authorities released the consumer price index on June 12. The metric shows a CPI lower than expected: 3.3% against the forecasted 3.4%.

The decrease reeled the crypto market, as several assets, including the apex coin, saw slight increases in value. Additionally, the global cryptocurrency market saw a slight increase in value.

With speculation of no interest cuts in June, the crypto and other markets have moved on from promises of it happening. Nonetheless, the most recent price improvement points out previous assertions by Gumshoe, an onchain analyst.

He claimed that the previous day’s losses were coordinated dumps. Pointing out that a dip always takes place a day before an FOMC meeting, he asserted that the crypto industry recovers the losses in the next day or two.

Bitcoin May Range

Following the most recent attempt at recovery, traders expect further uptrends in the coming days. It is worth noting that the coin failed to sustain it most recent endeavor above $70k. The failure shows the massive selling pressure around this mark.

Currently holding to $68k, the coin may return to its previous pattern of trading within a horizontal channel for an extended time. Based on the previous movement, this trend may span the next three days as the bulls will try to accumulate and build up momentum.

With no upcoming macroeconomic distraction, BTC bulls will to accumulate. ETFs are also set to see more inflow. The bullish actions translate to a possible stay above $70k in the next two weeks.

Gideon Geoffery