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Softer-than-expected crypto regulation and stocks’ rebound position Bitcoin for a $42K close

Published 03/09/2022, 07:30 PM
Updated 03/09/2022, 09:00 PM
© Reuters
BTC/USD
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Bitcoin (BTC) bulls jumped in to defend the $40,000 level after a devastating retest of the $38,000 support on March 7. The confidence and momentum that was building up earlier in the month was suddenly shattered after BTC failed to break $44,500 for the third time this month on March 2.

The Bitcoin price rally on March 9 has been partially attributed to this week’s expected United States inflation data report. Analysts expect another 40-year record high as the consumer price index (CPI) reaches 7.9% yearly gains.

Bitcoin options aggregate open interest for March 11. Source: CoinGlass

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