BTC breaks through $25,000 as stablecoins re-pegg

Bitcoin price (BTCUSD) is surging again after one of the toughest weeks for cryptocurrency holders. The release of the February CPI report pushed prices above $26,000 as the data suggested that inflation was falling. After experiencing a massive spike in volatility, the BTC price entered a consolidation phase.

At press time, Bitcoin was trading at $24,750 against the U.S. dollar, as the price was unable to break above $25,000. This is the same area where the price has already faced multiple rejections in the last month. Reclaiming this level could unleash significant buying pressure on the price, allowing it to surge into the 28k-30k region.

Bullish CPI Data Sends Bitcoin Price Soaring

Inflation data for February came out yesterday, in line with market expectations. The data showed a fall in year-on-year inflation, falling from 6.5% to 6% in February 2023. In addition, core CPI inflation was also in line with expectations, rising 5.5% YoY. The numbers were seen as a sign of falling inflation, and the BTCUSD price immediately soared.

According to most analysts, the Bitcoin price prediction 2023 could be very bullish if the price closes the day above 25,000. On Wednesday, the price was just below that level, poised to break out again.

The latest BTC price surge comes just days after the stablecoin was unpegged. Markets experienced unsettling FUD over the weekend as most USD stablecoins lost their peg amid banking concerns.

Bitcoin Price Technical Analysis

A technical analysis of the BTCUSD chart reveals the reason for the ongoing retracement. The $26,489 level falls at the diagonal resistance line shown on the chart. It is difficult to break this resistance on the first try. The price may retest this level again in the coming days. A rejection of this level again would be very bearish for the price.

It can also be seen from the chart that Bitcoin perfectly retested the 200-day moving average. A bounce off the 200 MA and break above the $25,000 level could make the Bitcoin price prediction of $30,000 a reality. The upcoming FOMC meeting on March 22 will keep prices in check until next week.

Source of information: Compiled by 0x Information from INVESTINGCUBE.Copyright belongs to the author, without permission, may not be reproduced

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