Bitcoin reaches $73,000 in a mixed macroeconomic context. The latest US inflation data shows a moderate rise in prices, but masks a historic surge in energy costs. This discrepancy fuels an uncertain reading of the markets, between apparent stability and underlying tensions.
In brief
- Bitcoin hits $73,000 after the latest US inflation data was released.
- The consumer price index came out slightly below expectations, supporting risky assets.
- The markets are reacting cautiously in a context where no rate cut is planned.
- A marked rise in energy prices, driven by gasoline, contrasts with moderate overall inflation.
Bitcoin climbs after lower-than-expected CPI
Bitcoin crossed $73,000 at the opening of Wall Street, driven by a highly anticipated publication: the American Consumer Price Index (CPI). The downward figures were a slight surprise, supporting risky assets.
The official report noted : “over the last 12 months, the overall price index increased by 3.3% before seasonal adjustment”. This reading was interpreted as a signal of inflation under control, favoring an attempt to return to recent highs.
Here is the key elements from from this publication:
- Annual inflation at 3.3%, slightly lower than expectations;
- A first consideration of the effects of the conflict involving the United States, Israel and Iran;
- A measured reaction of traditional markets to the opening;
- Bitcoin evolves without strong volatility despite these figures;
- No rate cut is expected from the Federal Reserve.
In this context, financial markets remain cautious. The absence of any prospect of monetary easing maintains latent pressure on risky assets, even if the surprise on the CPI has allowed a temporary revival of optimism.
An unprecedented shock on gasoline since 1967
Behind this apparent inflationary lull, another much more brutal signal is emerging. The same report specifies: “the energy index rose 10.9% in March, driven by a 21.2% rise in gasoline prices, which accounted for nearly three-quarters of the monthly increase in the overall index”.
This surge in the price of gasoline constitutes a major event. According to The Kobeissi Letter, this is the largest monthly increase since 1967, while the overall increase in energy has reached a level not seen since 2005.
This gap between contained overall inflation and explosion in energy costs complicates the macroeconomic reading. In the crypto market, this situation translates into measured caution. Traders now identify a key resistance zone below $74,000 for bitcoin, with a compressing price structure. Some technical signals, such as the evolution of the RSI, even recall the end of the 2022 bear market, fueling moderate optimism.
In the short term, this configuration reveals several possible trajectories. If energy tensions persist, they could revive inflationary pressures and delay any monetary easing, indirectly weighing on risky assets. Conversely, bitcoin's ability to progress in this environment demonstrates a resilience that could strengthen its status as an alternative asset. The threshold of $74,000 now stands out as a tipping point for the rest of the cycle.
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