Bitcoin price drops after strong CPI report, but $100K still within reach
After a surge in Bitcoin price following the Consumer Price Index (CPI) data release, the market saw a sell-off. Despite this temporary setback, the $100k price target for Bitcoin remains a realistic possibility.
The CPI data release on Thursday led to a bullish trend in the market, pushing Bitcoin closer to the $60k mark. However, as the market reacted to the hotter-than-expected inflation data, Bitcoin saw a sell-off, dropping back to around $56k.
This sell-off was potentially caused by traders taking profits after the price increase following the CPI data release. Despite this drop, the overall bullish sentiment remains intact, with many analysts still eyeing the $100k target for Bitcoin.
Investors and traders are closely monitoring the market for any signs of a reversal or further price drops. The $100k level is considered a key milestone for Bitcoin and could potentially attract more institutional interest in the cryptocurrency.
In conclusion, while the recent sell-off may have dampened the short-term price momentum for Bitcoin, the $100k price target is still within reach. Investors and traders should remain cautious and watch for any further developments in the market that could impact the price of Bitcoin.
The post Bitcoin price drops after strong CPI report, but $100K still within reach appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
