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Bitcoin Rallies After CPI

Bitcoin gained incredible strength after the CPI print yesterday, which came in 0.2% lower than the estimate, though still historically high at 8.5%. We blasted through our previous upper bound at 23.9K, and are currently contending with relative highs in the middle of the range at about 24.5K. The next level above and next target is 25.1K. If we retrace, we should find support at 23.9K, but after that, there is a vacuum zone back to 22.4K.

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