A favorable CPI print puts Bitcoin on track to liquidate $300 million in short positions, which might fuel a 12% rally over the next two weeks.
Bitcoin’s price was up 3% after constant drawdowns since the end of January. The top cryptocurrency managed to rebound above $80,000 after a brief decline below the range on March 11.
Bitcoin weekly chart. Source: Cointelegraph/TradingView
After the US core Consumer Price Index (CPI) came in lower than expected at 3.1% on March 12, Bitcoin’s market structure now sees the possibility of a quick bullish turnaround.
