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Bitcoin Bulls Break $73,000 as Weekly Gains Hit 9%
Despite a 0.9% rise in U.S. inflation driven by high energy prices, Bitcoin surpassed the $73,000 mark on Friday, reaching its highest level since March 18.
Key Takeaways:
- On April 10, Bitcoin ($BTC) reached $73,332 — its highest level since March 18.
- The Consumer Price Index (CPI) showed 0.9% inflation in March, further delaying rate cuts by the Federal Reserve System.
- Coinglass reported $83 million in short liquidations on $BTC over 24 hours.
Intraday Volatility
On April 10, Bitcoin ($BTC) broke above $73,000 despite U.S. CPI data showing rising inflation in March. According to Bitstamp, the leading cryptocurrency crossed this psychological level twice. Initially, it tested resistance late Thursday before a sharp correction pushed it well below $72,000.
Following the initial drop, Bitcoin attempted a recovery, though momentum faded twice shortly after crossing $72,000. At 4:00 a.m. ET, it hit a daily low of $71,451. However, the asset quickly entered a steady uptrend, reaching a peak of $73,332 seven hours later — a level not seen since March 18.
At the time of writing (1:15 p.m. ET), Bitcoin had slightly pulled back to just below $73,000. Despite the minor retracement, it maintained a daily gain of 1.5%, bringing its total market capitalization to $1.46 trillion and its seven-day gain to 9%.
The 0.9% inflation spike was primarily driven by a sharp rise in energy prices. While markets saw brief relief earlier in the week after President Donald Trump announced a ceasefire in the conflict with Iran, oil prices continue to trade at a significant premium compared to pre-conflict levels.
Market analysts warn that energy costs will remain structurally elevated until global production and supply logistics return to pre-war levels. This suggests prices will stay high, reducing the likelihood of near-term rate cuts by the Federal Reserve System.
Although inflation data triggered some intraday volatility, optimism around Middle East peace talks provided a strong boost. Additionally, markets reacted positively to a White House Council of Economic Advisers report on stablecoin yields. This move is seen as a strategic effort to push the Senate to finalize the Digital Asset Market Clarity Act, strengthening the country’s ambition to become a global crypto hub.
Meanwhile, Bitcoin’s price action on Friday once again pressured bearish traders. Data from Coinglass shows that short liquidations significantly exceeded long ones over the past 24 hours. Of the $95 million in liquidated leveraged Bitcoin positions, nearly $83 million were shorts. Across the broader crypto market, total short liquidations reached $190 million during the same period.
See also: "Bitcoin Reaches $73,000 Amid Easing Geopolitical Tensions"
