Bitcoin Rebounds to $70K, Shrugging Off Hot U.S. Inflation Print

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Bitget2024/04/11 05:29

By:Bitget

Bitcoin (BTC) climbed back to $70,000 Wednesday, reversing its knee-jerk dip following hotter-than-anticipated U.S. inflation data for March.

BTC slipped nearly 4% to $67,500 during early U.S. hours after a government report showed the Consumer Price Index (CPI) rising faster than analyst expectations, prompting investors to temper their expectations for rate cuts this year. The dip echoed through multiple asset classes, but bitcoin gradually erased all its losses, and was up over 1% over the past 24 hours, outperforming U.S. equities and gold, both of which finished with sizable declines for the day.

Digital asset hedge fund QCP Capital said the rebound showcased the underlying demand for bitcoin, with investors seeing dips as a buying opportunity. "This bounce is not surprising as the desk continues to see strong demand for long-dated BTC calls even on this dip," QCP said in a Telegram update. "It is indicative of deep structural bullishness in BTC." Will Clemente, co-founder of Reflexivity Research, noted in an X post that the ever-increasing U.S. debt levels are more important for the big picture than individual CPI readings, and the most likely scenario is that policymakers will let inflation run higher than the 2% target to help inflate the debt. "Bitcoin is an insurance against this," Clemente added.

Futures market Updates

$36M in short got liquidated in the last 24H as BTC was up 1%.

Bitcoin Futures Updates

Total BTC Open Interest: $37.04B (+1.56%)

BTC Volume (24H): $86.17B (-0.84%)

BTC Liquidations (24H): $28.17M (Long)/$36.16M (Short)

Long/Short Ratio: 53.33%/46.67%

Funding Rate: 0.0125%

Ether Futures Updates

Total ETH Open Interest: $13.78B (+0.79%)

ETH Volume (24H): $33.66B (-16.87%)

ETH Liquidations (24H): $26.90M (Long)/$19.09M (Short)

Long/Short Ratio: 51.64%/48.36%

Funding Rate: 0.0127%

Top 3 OI Surges

MEME: $89.26M (+63.75%)

DEGEN: $16.36M (+44.62%)

OM: $49.79M (+40.71%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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