Bitcoin Rebounds after LFG Buys Over $100M in $BTC
Analysts evaluated Bitcoin price trends and projected an upside move towards $50K. Experts observed an optimistic pattern in the BTC chart and trust the bellwether crypto appears ready to challenge the psychological barrier of around $50,000.
– The Luna Foundation Guard’s Bitcoin address now holds 42,406 coins following a more than $100 million accusation.
– LFG’s sustained BTC acquisition has triggered a bullish attitude among crypto investors.
– Analysts trust BTC’s correlation with U.S tech stocks pushed Bitcoin higher amid increased inflation.
Historically, Bitcoin has surged amid increasing inflation. The bellwether crypto launched recovery as the CPI (Consumer Price index) touched the highest level since 1981. Luna Foundation Guard’s cont8nues BTC purchase fueled the current rally.
BTC Recovers from Latest Drop
BTC’s correlation with U.S stocks remains high, and the bellwether crypto recovered from its latest retracements as the CPI (Consumer Price index) touched record highs. Since market players typically consider Bitcoin as an inflation hedge, surging CPI sees BTC’s price spiking.
The CPI measures the change in prices customers pay for services and goods. Meanwhile, The United States CPI touched highs never seen since 1981. BTC sees price rallies and surges by this index. For now, the largest crypto recovered from the latest plummet, climbing beyond $40,500.
The Consumer Price index touched 8.5%, and VanEck’s director trusts that mean inflation explores double-digits. The CPI saw a record high in four decades. That suggested amplified inflationary pressures plus a bullish attitude by BTC investors.
Another driving force behind Bitcoin’s ongoing recovery rally is LFG’s (Luna Foundation Guard) continued buying $BTC. The foundation purchased another $100M in BTC, totaling its address balance at 42,406 Bitcoin. Though LFG’s BTC acquisitions had no substantial effect on LUNA price, the move triggered BTC demand, translating to positive reactions.
Analysts evaluated Bitcoin price trends and projected an upside move towards $50K. Experts observed an optimistic pattern in the BTC chart and trust the bellwether crypto appears ready to challenge the psychological barrier of around $50,000. The price chart showed $29,000 value area caps Bitcoin’s downside.
While publishing this article, Bitcoin trades at $41,279.9, surging 2.60% over the past 24 hours. That comes after the latest fall that saw BTC exploring the $39K region. The global cryptocurrency market cap reflects the improved mood over the past hours, hovering at $1.90 trillion, following a 1.79% increase within the previous day.