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Bitcoin (BTC) 
$109,035 witnessed a remarkable surge of over 5% in the last 24 hours, reaching the threshold of $85,000. This increase was fueled by lower-than-expected inflation data from the United States and ongoing ceasefire negotiations between Russia and Ukraine, which have boosted optimism in the cryptocurrency market. On Wednesday, Bitcoin peaked at $84,476, marking a robust recovery from its low of $76,000. Market participants quickly reflected the likelihood of the Federal Reserve moving away from its high-interest-rate policy and the easing of geopolitical tensions in Bitcoin’s pricing.
How U.S. Inflation Data Impacted Bitcoin
The U.S. Department of Labor reported that the Consumer Price Index (CPI) for February fell to 2.8% year-on-year, below expectations. Monthly inflation decreased to 0.2%, nearly half of the 0.5% increase recorded in January. This has strengthened the expectation that the Fed might adopt a more moderate approach to monetary policy.
The slowdown in inflation has increased demand for riskier assets. Bitcoin has once again become a focus for investors as a store of value amidst expectations of a low-interest environment. Particularly, investors sensitive to macroeconomic data have signaled a return to BTC with the easing of inflationary pressures. Experts suggest that under the current conditions, the leading cryptocurrency could rise to as much as $118,000.
Impact of Russia-Ukraine Developments on the Crypto Market
According to BBC reports, the United States and Ukraine’s proposal of a 30-day ceasefire to Russia has been positively received in the cryptocurrency market. While the proposal is reportedly under consideration in Moscow, Polymarket data indicates a 14% increase in the likelihood of a ceasefire. The reduction in geopolitical uncertainties has heightened risk appetite in global markets.
As is known, volatile assets like Bitcoin tend to respond rapidly to such developments. Should the ceasefire become permanent, broader participation in the cryptocurrency market is anticipated.
Derivative Market Data Supports the Rise
Recent price movements of Bitcoin align with derivative market data. The total value of open positions in BTC has exceeded $46 billion, reflecting investors’ long-term bullish expectations. Experts interpret the decrease in trading volume amidst increasing open positions as a sign of “position accumulation.”
Moreover, the funding rate remaining at neutral levels indicates that excessive leverage risks have not yet materialized, signifying that Bitcoin can maintain its current momentum.
