Bitcoin Market Analysis 🚨
Bitcoin's surge above $50k faltered following the release of the January US CPI last night, which surpassed expectations. This CPI data tempered expectations for future interest rate cuts, causing weakness across financial markets and exerting pressure on risk assets like cryptocurrencies. Bitcoin promptly lost support at $50k, dipping to around $48.4k, before rebounding above $48.6k as buyers intervened.
Chart Trend 📈📈
BTC's current trend remains bullish on the 1-hour chart, with no divergence detected. Unless it drops below 44,000, it's likely to continue upward, possibly hitting new highs. So, patience in holding is key during this bullish phase.
Trading Tips 💡💡
Keep an eye on volume indicators; strong price movements with high volume are often more sustainable. Understand the technology behind the cryptocurrencies you invest in; it can impact long- term value
