Bitcoin sees modest relief as US CPI inflation avoids surprises

Bitcoin (BTC) climbed above $70,000 around Wall Street on Wednesday as US inflation data calmed jittery markets.

Main points:

• Bitcoin is trading in a tight range as US inflation data offers a modest headwind.

• Oil prices remain lower as an emergency release of 400 million barrels has been confirmed.

• BTC price expectations are focused on the future liquidation in the mid-$60,000 area.

Bitcoin rises higher as CPI meets expectations

Data from TradingView showed BTC price action making modest gains while failing to match local highs of the previous day.

The February release of the U.S. Consumer Price Index (CPI) met expectations of a 2.4% annualized rate, according to the Bureau of Labor Statistics (BLS).

“In the last 12 months, the index of all substances before seasonal adjustment increased by 2.4 percent,” the official statement said.

This was a relief for risk assets that are already on top of geopolitical instability and its potential impact on inflation. However, the conflict in the Middle East and global oil supply pressures are likely only reflected in March inflation data.

Thus, the trading source of The Kobeissi Letter wrote in response to X, “The market is now waiting for the March data”.

Other measures of inflation have come in both above and below expectations, painting a picture of overall wobbly inflationary forces even before the events in Iran.

Oil, a key risk factor for CPI going forward, remained below the $90 mark on the day the International Energy Agency (IEA) approved an emergency cut of 400 million barrels, the largest output on record.

A trader looks at the price of BTC in March

Given the price so far, Bitcoin market participants have chosen not to place large or bearish bets.

related to: Bitcoin Faces ‘Extremely Volatile’ Setup as Bulls Eyes Return to $80K by Month’s End

Trader, analyst and entrepreneur Michael van de Poppe told X’s followers: “Very simple; buy the lows, sell the highs.”

“I still think we’ll see this break to the upside this month to test the higher ground, but if not, I’m a buyer at the lower levels.”

Trader Lennaert Snyder estimated the drop in liquidity for the local potential and indicated that it could be around $65,000.

$BTC before the CPI is compressing.

Bitcoin lost liquidity at ~$71,563 and declined as I said yesterday.

I’m already in some shorts and I’m ready to add if we lower the MSB with a loss of ~$69,268.

My short target liquidity would be ~$65,957. Allow 10% per… pic.twitter.com/DN3rb9lTha

— Lennaert Snyder (@LennaertSnyder) March 11, 2026

Data from monitoring source CoinGlass put the 24-hour cryptocurrency market liquidation at $240 million, with short positions accounting for a larger portion of the total.