On Dec. 13, the Bitcoin price hit a one-month high, recording an intraday high of $18,109 and sending a wave of optimism through the market. The primary catalyst for this rally seems to be the latest CPI data that showed easing inflation at 7.1%.
7.3% being the forecast, traders reacted to the positive data by driving upwards not just the crypto market, but also the stock market (Dow up 500 points, S&P500 up 100 points.)
On the chart, Bitcoin seems to have recaptured the 20-day EMA, however, its foray to $18,000+ was cut short by the 50DMA which still provides stiff resistance.
At the time of writing, BTC trades at $17,780. A recapturing of the 50DMA could potentially trigger a rally to $19,000. However, heavy selling at higher levels remains a concern, and further upside would be easier said than done.
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