When the recent Consumer Price Index (CPI) statistics for February 2023 were made public by the US Department of Labor, the Bitcoin price spiked sharply to over $26,000.
According to crypto analyst Gareth Jenkinson in Cointelegraph, the department reported that the seasonally corrected CPI increased 0.4% last month and that the all-items index, which measures inflation, has increased by 6% in the past year.
However, the Labor Department suggests that inflation increased by the least amount over a 12-month period since the time ending in September 2021.
On March 14, the larger cryptocurrency group provided a range of viewpoints. In a series of tweets on the CPI update, Morgan Creek Digital co-founder and partner Anthony Pompliano highlighted Bitcoin’s price increase in reaction to the most recent inflation figures.
Bitcoin Technical Analysis
BTC chart prints three white candle patterns in the daily chart and breaks above $26,000 following a robust bullish move.
The price exceeded 21 and 50 EMA before approaching a bullish breakout at $26K. Besides, the 21 EMA rising above the 50 EMA suggests a bullish crossover.
Technically, Bitcoin may hit the next resistance at $28,000 if it can hold above the $26,000 mark. Also, a break above $28K may lead the price to hit the psychological resistance at $30,000.
However, the current RSI value is 68.16 indicating the price is close to hitting the overbought zone and may result in a short-term bearish pullback near $25,000 before rejoining the bullish rally.
