Bitcoin Eyes $29,000 Milestone as US CPI Data Looms

According to Barron, Yuya Hasegawa, an investment analyst at Bitbank, a data encryption trading center, said it is likely that the upcoming US Consumer Price Index (CPI) data for March will eventually become a metal catalyst for bitcoin testing and falling through the $29000 resistance zone suffered in the past three weeks.

Hasegawa's argument should be that Bitcoin hesitated to respond after Friday's mixed U. S. jobs report.

In the past week, the price of the leader coin has mainly been very stable. According to CoinMarketCap, its price has been fluctuating between $27276 and $28739.

Investors are keeping a close eye on CPI readings to see if the Fed meeting has done a good job in fighting inflation.

In February, the consumer price index rose 0.4% and 6% from a year earlier, reflecting the market forecast.

In a disturbing dilemma for commercial banks, the Fed raised interest rates by 25 percentage points at its meeting last month.

Investors will keep a keen eye on the release of the CPI database in March. It will also give Bitcoin urgent information to get rid of the resistance at this stage and soar above the $29000 mark, which could reach a new record in 2023.

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