Bitcoin (BTC) price printed another bullish streak, triggering a broader market recovery, which boosted select altcoins and Ethereum (ETH) price by a remarkable 8%. However, Ripple (XRP) price declined 5% after a major run bolstered by the longstanding lawsuit.
Bitcoin Price Rallies Amid Volatile Open Interest
Bitcoin price made a surprise move toward $62,000, extending the uptrend from Monday’s low at $49,000. A Matrixport report attributed the drastic rally to oversold conditions after BTC price led cryptocurrencies to a colossal crash on Monday.
Based on a previous Bitcoin price prediction, the release of US inflation data next week could provide momentum to continue the rally to $70,000. Another lower inflation print is expected to guide the Federal Reserve’s decision on interest rates. A rate cut could propel BTC to achieve a new all-time high, targeting $80,000.
Bitcoin price chart: Tradingview
Despite the sharp uptick, BTC has started to retreat and may test $60,000 support
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