The crypto market closed one of the bulliest and craziest weeks for the first time in the past two years. The bitcoin price also recorded a 15% jump, which was never seen in recent history. These bullish sentiments pushed the BTC price above $50,000 in the early trading hours, where bearish activity restricted the rally. However, the crypto markets were expected to remain volatile as the fresh US CPI rates were about to be released.
Soon after reaching $50,600, the BTC price remained consolidated around the gains without attempting to test the higher targets. This was speculated to be an impact of the upcoming CPI rates. Now that the rates have been announced to be 3.1%, higher than expected at 2.9%, the markets are flashing signals of entering a retracement phase.
Whether it is an end of the bull run or a temporary pullback?
The Bitcoin price is trading under extreme bullish influence, regardless of the prevailing pullback. The bears are trying hard to restrict the price below $50,000 but the mounting bearish pressure may not allow them to do so. Besides, the stochastic RSI is stuck within the average levels, suggesting the price may trade flat for some time. However. A rebound could occur anytime after market sentiments recover.
The economist has expected a 0.3% MoM increase in core and a 0.2% increase in headline. With the CPI coming out hotter than expected by rising 0.4% and the headline by 0.3%, the markets are expected to remain volatile for a while. Currently, the yields are rising and the stock markets and crypto markets are consolidating. Moreover, the markets are expecting less than 4 rate cuts this year, which is a bullish signal for the Bitcoin price and the entire crypto space.