Analysis: Bitcoin's rebound is merely a minor correction rather than driven by major news, as market attention turns to U.S. inflation data
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Analysis: Bitcoin's rebound is merely a minor correction rather than driven by major news, as market attention turns to U.S. inflation data
According to The Block, despite Bitcoin's price rebound, Presto Research analyst Min Jung believes Tuesday's rally represents only a minor correction following the market's sharp recent decline. "We're seeing some recovery in the market, but this looks more like a modest bounce after yesterday's crash, with no dominant news driving the move," said Jung. "Moreover, equities closed slightly lower on the day rather than experiencing another major sell-off." Investors are now turning their attention to Wednesday's release of the U.S. Consumer Price Index, a key inflation gauge. "Today's CPI...
Navigating Web3 tides with focused insightsTechFlow News — On March 12, according to The Block, despite a rebound in Bitcoin's price, Presto Research analyst Min Jung believes Tuesday's gains represent only a minor correction following recent sharp declines in the market. "We're seeing some recovery, but this looks more like a modest bounce after yesterday's crash, with no dominant news driving this move," said Jung. "Additionally, equities closed slightly lower on the day rather than experiencing another major sell-off."
Investors are now turning their attention to Wednesday's release of the U.S. Consumer Price Index (CPI), a key inflation gauge. "Today's CPI print will be a major event, as the entire market is focused on inflation trends and how the Fed will respond," Jung stated.
Nick Ruck, head of LVRG Research, noted: "While Bitcoin and other cryptocurrencies have eased somewhat, this rally merely corrects an overly cautious risk-off sentiment." The price recovery was partly driven by news that Trump scrapped his planned 50% tariffs on Canadian steel and aluminum set to take effect Wednesday. Earlier on Tuesday, Ukraine agreed to Trump's proposed 30-day ceasefire, and U.S. leaders are now seeking dialogue with Russian President Putin to end the conflict. Vincent Liu, Chief Investment Officer at Kronos Research, cautioned that although tariffs have not yet been broadly implemented to disrupt market momentum, volatility and macroeconomic risks still warrant caution.
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