Bitcoin surged past the critical $71,000 resistance level today, marking its highest price point in over two months. The rally is being driven by a confluence of macroeconomic stability and strong technical market forces. The primary catalyst was the release of the latest Consumer Price Index (CPI) data, which indicated that inflation is stabilizing close to consensus forecasts. This steadying metric alleviates fears of aggressive monetary tightening by the Federal Reserve, thereby boosting risk assets globally, including cryptocurrencies. Furthermore, technical data shows a significant acceleration in short covering. As Bitcoin crossed key resistance thresholds, heavily leveraged short positions were rapidly liquidated, forcing traders to buy back Bitcoin to cover their exposure. This resultant ‘short squeeze’ amplified the upward movement, adding crucial momentum that pushed the cryptocurrency firmly into bullish territory. Market analysts now eye the $73,000 level as the next major psychological resistance point, reflecting renewed confidence among institutional and retail investors.
Source: Bitcoin Hits Two-Month High as CPI Steadies and Short Covering Accelerates
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