Bitcoin Bulls Aim for $74,000 Price Target

Bitcoin Prices Rebound After Brief Dip Following US CPI Data Release

Bitcoin prices briefly fell on April 10 following the release of the United States CPI data. However, prices quickly reversed losses, increasing in the New York session. The snap back to trend is massive for sentiment as it could anchor more gains in the coming sessions, possibly lifting BTC towards $74,000.

At press time, Bitcoin is firm, adding roughly 3% in the past 24 hours. At the same time, the coin is up 8% in the previous trading week. Notably, the uptick in trading volume is a boost for buyers. In the last 24 hours, participation is up 6% to over $37 billion. However, this figure will likely increase should bulls flow back, rejecting attempts for lower lows.

Bitcoin News Driving Price Momentum

The following Bitcoin news might accelerate the leg up:

  • The better-than-expected United States CPI data might prevent the Federal Reserve from slashing interest rates as fast as anticipated. While lower rates are ideal, rising inflation might force investors to flock back to BTC, holding the asset as a hedge.
  • The latest reports show that Hong Kong, the city-state, could approve the first spot for Bitcoin ETFs as early as April. The green-lighting of this product would help lift BTC’s liquidity, even driving prices higher.

Bitcoin Price Analysis

Even though sellers reversed gains of April 8, the rejection of lower lows on April 10 is bullish. Traders can buy the dips as long as prices stay above $64,500. Even so, ideal entries are above April 8 highs of around $73,000. If buyers take charge, a break above this level, buoyed by rising trading volume, might catalyze more demand. In that case, Bitcoin might rally to over $84,000.

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