Bitcoin maintained its position near the $62,000 price level, registering a nearly 1% gain over 24 hours according to CoinGecko’s BTC data. This stability comes as U.S. inflation rose to 4.2%, a development that triggered a $1.1 trillion single-day loss in the stock market. Analysts suggest Bitcoin’s prior correction may have positioned it at a cycle bottom, insulating it from the equities crash. Meanwhile, factors like geopolitical tensions and anticipated IPOs from companies like SpaceX are influencing broader market liquidity.
Bitcoin is holding on to the $62,000 price level, rising by nearly 1% in the last 24 hours according to CoinGecko’s BTC data. Bitcoin staying steady at $62,000 comes amid inflation in the US rising to 4.2%.
The stock market, on the other hand, has seen a steep crash, losing $1.1 trillion in one day. One reason why Bitcoin may not have fallen as steeply could be due to the asset already having faced a correction last month.
The US stock market wiped out about $1.1 trillion after inflation in the US went up to 4.2%. The spike in inflation figures have significantly diminished the chances of an interest rate cut.
Bitcoin’s recent dip was triggered by increased inflation figures, high jobs data, and a re-escalation in the US-Iran conflict. The conflict has led to worries about oil price surges, which could increase inflation further.
Another factor that has gained some traction is the upcoming SpaceX IPO. Apart from SpaceX, Anthropic and OpenAI are also reportedly heading towards their public offerings sometime this year.
Bitcoin seems to have some support at the $62,000 level. The asset could see some relief if the US passes the CLARITY Act, and a peace deal between the US and Iran could also elevate investor confidence.
