Bitcoin, the world’s largest cryptocurrency by market capitalization, has recently experienced a setback in its price trajectory. After briefly surpassing the $72,000 mark, Bitcoin faced resistance and failed to sustain its upward momentum, leading to a correction that brought the price below $70,000.
TLDR
- Bitcoin price failed to sustain above $72,000 and corrected gains, trading below $70,000.
- Analysts suggest that the pullback may be due to nervousness ahead of the U.S. CPI release on April 10.
- Bitcoin is currently trading between support at $67,500 and resistance at $71,200.
- A hotter-than-expected CPI release may not significantly impact Bitcoin, but a soft print could revive bullish sentiment.
- Bitcoin’s price action closely follows trends in the Nasdaq and the Nasdaq-to-S&P 500 ratio.
Market analysts have attributed this pullback to investors’ nervousness ahead of the upcoming release of the U.S. Consumer…
