Key Takeaways:
- Bitcoin ( BTC) hit $73,332 on April 10, its highest since March 18.
- CPI showed 0.9% inflation in March, pushing Fed rate cuts further out.
- Coinglass reported $83M BTC shorts liquidated in 24 hours.
Intraday Volatility
Bitcoin ( BTC) surged past the $73,000 mark on April 10, defying U.S. Consumer Price Index (CPI) data that showed inflation heating up in March. According to Bitstamp data, the top cryptocurrency breached this psychological level twice. It first tested resistance late Thursday before a sharp correction sent it well below $72,000.
Following the initial dip, bitcoin attempted a recovery, though momentum stalled twice shortly after crossing the $72,000 threshold. By 4 a.m. ET, it hit an intraday low of $71,451. However, the asset immediately pivoted into a steady ascent, peaking at $73,332 seven hours later—a price point not seen since March 18.
At the time of writing (1:15 p.m. ET), bitcoin had retraced slightly to just under $73,000. Despite the minor pullback, it maintained a 1.5% daily gain, bringing its total market capitalization to $1.46 trillion and its seven-day gains to 9%.
The 0.9% inflationary spike was primarily catalyzed by a volatile surge in energy costs. While the market saw a modest reprieve earlier this week following President Trump’s announcement of a ceasefire in the Iran conflict, crude prices continue to trade at a significant premium compared to pre-conflict benchmarks.
Market analysts caution that energy overhead will remain structurally elevated until global production and shipping logistics fully recalibrate to levels seen before the war. This suggests prices will remain high, diminishing the likelihood of the Federal Reserve cutting interest rates in the near term.
While inflation data caused some intraday volatility, optimism surrounding Middle East peace talks served as a major tailwind. Additionally, the market reacted positively to a report on stablecoin yields from the White House Council of Economic Advisers. The move is seen as a strategic push to encourage the Senate to finalize the CLARITY Act, reinforcing the nation’s goal of becoming a global crypto hub.
Meanwhile, bitcoin’s price action on Friday again squeezed bearish traders. Coinglass data reveals that liquidated shorts significantly outpaced longs over the last 24 hours. Of the $95 million in leveraged bitcoin positions wiped out, shorts accounted for nearly $83 million. Across the broader cryptocurrency market, total short liquidations reached $190 million during the same period.
