Bitcoin moved above $30,000 on April 11, as bullish sentiment returned to cryptocurrency markets. Markets surged after data in China showed that consumer prices had hit an 18-month low. Ethereum was also higher on the news, moving closer to $2,000.

Bitcoin

Bitcoin (BTC) raced above $30,000 for the first time in ten months, as markets reacted to the latest inflation data from China.

Consumer prices in China rose by 0.7% in March, which is the slowest increase since September 2021.

Following a low of $28,189.27 to start the week, BTC/USD raced to an intraday high of $30,160.48 earlier today.

This move saw bitcoin climb to its strongest point since June 9, and comes as the 10-day (red) moving average avoided a downward cross with its 24-day (blue) counterpart.

In addition to this, the relative strength index (RSI) moved above a key resistance point of 68.00, and is currently tracking at 71.05.

The next visible ceiling

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Author: Eliman Dambell

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