Bitcoin Bounces to $71,889 on CPI Data, But Macro Headwinds Remain
BTC rose to around $71,889 after core CPI came in at a less-than-expected 0.2% month-over-month in March, per CoinDesk. The broader crypto market followed, with total market cap briefly touching $2.4T. Altcoins outperformed slightly on the day.
MCO’s technical view hasn’t changed. The higher-degree top is in and BTC is in a corrective structure. This bounce looks like a counter-trend move, not a trend reversal. The setup that would confirm something more bullish simply isn’t there yet. TLT at $86.53 is holding above $85 for now, which gives crypto a small buffer. But if bonds break down, our read is that even the current bounce gets cut short. Dollar strength at DXY 98.70 keeps pressure on crypto liquidity globally. And with the Fed stuck, there’s no catalyst for the kind of liquidity injection that would fuel a sustained rally.
Bitcoin Bounces to $71,889 on CPI Data, But Macro Headwinds Remain
BTC rose to around $71,889 after core CPI came in at a less-than-expected 0.2% month-over-month in March, per CoinDesk. MCO's technical view hasn't changed. The higher-degree top is in and BTC is in a corrective structure. This bounce looks like a counter-trend move, not a trend reversal. TLT at $86.53 is holding above $85 for now, which gives crypto a small buffer. But dollar strength at DXY 98.70 keeps pressure on crypto liquidity globally. And with the Fed stuck, there's no catalyst for the kind of liquidity injection that would fuel a sustained rally.
