Bitcoin Held Up Even with US CPI at 3.3%... Will It Really Reach $80,000?

▲ Bitcoin (BTC) ©Coinreaders

Bitcoin remained unfazed by the 3.3% Consumer Price Index (CPI) shock, instead fueling expectations of breaking through $80,000.

According to cryptocurrency media outlet AMBCrypto on April 12 (local time), the March CPI was 3.3%, slightly lower than market expectations of 3.4%, and the core CPI also came in at 2.6%, lower than the expected 2.7%. However, the price level itself recorded its highest since May 2024, indicating that inflationary pressures remain high.

The market is believed to have already front-run these indicators. In fact, concerns about energy-driven inflation, such as rising oil prices exceeding $112 per barrel due to escalating tensions in the Middle East, were reflected even before the CPI announcement, pushing back the expected timing of interest rate cuts.

Nevertheless, Bitcoin closed up 1.63% after the CPI announcement without any significant shock, attempting to re-break the $75,000 resistance level. This sparks debate over whether the market is underestimating macro risks or if Bitcoin is establishing itself as a new safe-haven asset.

On-chain and derivatives market data also support this. According to CoinGlass, the 24-hour liquidation volume reached $52.52 million, with 80.63% of it resulting from short squeezes. This means that a large number of sell positions were liquidated, strengthening upward price pressure.

Experts continue to maintain a bullish scenario. Matt Meena, Senior Strategist at 21Shares, suggested the possibility of reaching $80,000 if the $73,000-$75,000 range is broken. Furthermore, if the US cryptocurrency market structure bill, expectations for the passage of the Clarity Act, ETF capital inflows, and expanded strategy demand are added, a target of $100,000 and a total market capitalization of $3 trillion to $3.2 trillion are also possible. Additionally, the 7.41% drop in Bitcoin's strength against gold (XAU/BTC) this week is also interpreted as a signal that funds are moving from gold to Bitcoin.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*