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Bitcoin held near the $80,000 level on Tuesday after the release of April’s US Consumer Price Index (CPI), which showed inflation at 3.8% year over year—the highest reading since May 2023.
The month-over-month CPI figure rose 0.6%, matching analyst expectations. Core CPI, which excludes volatile food and energy components, increased 0.4% on the month and 2.8% annually.
Energy prices were the main contributor to the monthly inflation increase. The Bureau of Labor Statistics reported that energy prices rose 3.8% in April alone, accounting for more than 40% of the overall monthly uptick. On a year-over-year basis, energy costs have climbed nearly 18%.
The article attributes the elevated energy prices to constraints on global oil supplies linked to the ongoing US-Iran military conflict.
Following the CPI release, Treasury yields moved higher and equity index futures declined as investors recalibrated interest-rate expectations. The Federal Reserve’s stated 2% inflation objective remains well below the current 3.8% CPI reading.
According to the CME FedWatch Tool, markets expect rates to remain unchanged through 2026 and potentially into the following year. However, The Kobeissi Letter said the probability of rate increases has been rising.
Additional uncertainty was introduced as Kevin Warsh’s nomination to chair the Federal Reserve advanced past a key Senate checkpoint.
Bitcoin traded around $80,681 during the session, with an intraday low near $80,415. The article notes that rallies toward $82,000 repeatedly met selling pressure.
Material Indicators pointed to the 200-day SMA near $82,600 as a resistance level. It also said bulls are trying to build a support base around $80,700 ahead of another attempt at the upper boundary.
Cryptocurrency analyst Michaël van de Poppe highlighted the 21-day SMA at $78,800 as a key technical threshold. He also emphasized that $76,000 is a critical support level, warning that a breakdown below it could lead to a “substantially lower” price path.
The Coinbase Bitcoin Premium Index has remained negative across recent sessions, which the article says typically reflects weaker demand from US-based spot buyers relative to international trading platforms.
Spot Bitcoin ETF products also saw capital outflows in recent sessions, reducing near-term buying pressure from institutional channels.
The article frames Bitcoin’s near-term direction as dependent on whether demand can hold the $80,000 area. It adds that a confirmed daily close above $82,000 would ease immediate downside pressure and could open the door to further gains into the mid/high $80,000s.
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