Bitcoin (BTC) is drawing market attention by breaking its highest price in months during the week of the US Consumer Price Index (CPI) announcement. Along with the price increase, a technical golden cross suggesting a bullish market has occurred on the weekly MACD indicator, stimulating investment sentiment.
Over the weekend, Bitcoin defended its highest price level since January, but the weekly closing price fell somewhat short of expectations. Consequently, questions are arising about whether the current upward trend can immediately lead to new price discovery.
This week is scheduled for the release of US macroeconomic indicators such as CPI and Producer Price Index (PPI), but cryptocurrency market participants are showing a more sensitive reaction to trade negotiations and tariff-related issues between the US and China. Over the weekend, Bitcoin prices repeated sharp ups and downs in a 'long wick' pattern, with extreme volatility observed on the time chart.
With the opening of the US stock market on Monday, Bitcoin is again testing the upper end of the box range, recording a daily high of $105,706 on Bitstamp. This suggests that the market is looking for new upward momentum beyond the perception of short-term peaks.
On-chain data also reflects strong investor confidence. Currently, the Bitcoin supply in a loss state has dropped to less than 2% of the total. This proves that long-term holders did not sell during the downturn, further supporting expectations of a long-term upward outlook.
However, the overall cryptocurrency market atmosphere remains somewhat cold. With public interest remaining at a lower level compared to past bull markets, it remains to be seen whether this Bitcoin rise will lead to broader market vitality. Some experts still believe that a powerful trend reversal is difficult at this stage without massive new fund inflows.
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