Bitcoin [BTC] breaks past $24k after CPI report: A rally in the making?

Bitcoin’s price hit the $24,000 price range for the first time in six months. Net position change showed short positions dominating trade. The initial reactions to 13 February’s release of the Consumer Price Index data on Bitcoin [BTC] were divided. Recent pricing activity, however, suggested it had weathered the storm reasonably with a return to […]

entered the $24,000 price level for the first time since August at the close of trading on 15 February. A daily timeframe analysis of the price movement revealed that it had increased in value by the end of trading by 9.47%. It was trading at about $24,500 as of this writing and had reached $24,800 in the same time, with over a 1% gain already registered.There was a correlation between the price movement and the volume, as seen by a check at the On Balance Volume .

According to the Relative Strength Index , the asset was in a strong bull trend. The RSI line was above the neutral region and appeared to be moving toward the overbought territory.

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