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BTC track equity indices higher

Bitcoin advanced 2.75% on Wednesday, January 12. During the North American session, price action climbed to $44,322. The active phase of growth occurred during North American trading. The DXY plunged after the release of US inflation data for December.

The CPI numbers outpaced the median consensus, printing the steepest surge in the country since 1982. The report failed to lend support to the dollar, as market participants had already factored the first rate hike into prices. The retreat in UST yields negatively impacted the dollar as a defensive asset. Despite the red-hot headline inflation numbers, the market opted for a “buy the rumor, sell the news” strategy.

Bitcoin climbed alongside major currencies and stock indices. On Tuesday, the DXY index slid to a new low of 94.69, while S&P 500 index futures are trending sideways. Buyers tested the $43,800 resistance and are now attempting to break out of the $45,500 level.

The external backdrop for the cryptocurrency market remains neutral. The technical picture on the hourly TF still shows a buy-side bias. The BTC bulls need to perk up so that price action will move to $45,500 within the next 2-3 hours. Time is running out, and now is the time to act. No major selling is seen at this point. Support has shifted to $42,850.

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