Home Business Bitcoin price is surprisingly strong, this is important today

Bitcoin price is surprisingly strong, this is important today

The Bitcoin (BTC) price is holding up well after yesterday’s somewhat disappointing inflation figures from the USA. Compared to yesterday, Bitcoin is even slightly higher. Today is not an unimportant day either, as we can prepare ourselves for various economic indicators from the USA. In this morning update, we discuss the current state of play regarding Bitcoin price and take a look at what could cause volatility today.

Bitcoin faces resistance, what now?

First, let’s briefly look at the inflation data announced yesterday. The annual consumer price index (CPI) came in higher than expected at 3.7 percent, compared to 3.6 percent expected. Annual core inflation was in line with expectations at 4.3 percent. The monthly increases in both indicators also met expectations at 0.6 and 0.2 percent, respectively.

There was no strong reaction from Bitcoin price after the release. Bitcoin slowly climbed to a high of around $26,400 in the afternoon. Last Tuesday the price also reached the $26,400 mark. After a slight decline, it then consolidated just above $26,000 before quickly reaching a short-lived high above $26,500 last night.

Bitcoin price CoinMarketCap
The Bitcoin price for the last 24 hours. – Source: CoinMarketCap

At the time of writing, the BTC price on the Bybit crypto exchange is $26,231. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 24,410.

Bitcoin is up 1.26 percent compared to the previous day. The resistance level of $26,700 is now increasingly coming into view. It is currently trading just above the $26,200 support zone.

Solana outperforms the altcoin market with a major surge

When it comes to the top 10 largest cryptocurrencies on the market, Solana (SOL) ranks way above the rest. While most altcoins show little movement, Solana is in the green at 5.40 percent. The increase is notable considering that bankrupt FTX was granted permission to sell its digital assets, including SOL, yesterday.

The other altcoins all turn slightly green. For example, Ethereum (ETH) is up 1.93 percent from yesterday and Cardano (ADA) is up 1.20 percent.

Bitcoin Today: Key data from the USA

There are again some important points in the economic calendar today.

A new interest rate decision by the European Central Bank (ECB) is planned for 2:15 p.m. The interest rate should remain at the current level of 4.25 percent.

At 2:30 p.m. we will also be presented with some important indicators from the USA. In order to better reflect the devaluation of money, the producer price index is published. The average change in the sales prices of goods and services is measured. Higher than expected offers are possible bearish be taken into account for the BTC rate.

Retail sales and initial jobless claims are also shared. These paint a picture of the health of the American economy. Setbacks on these fronts could cause unrest.

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