According to BlockBeats, Markus Thielen, the founder of 10x Research, has advised investors not to overinterpret Bitcoin's recent failure to break out. In an interview, Thielen suggested that the unsuccessful breakout could be a reflection of the tension prior to the release of the US Consumer Price Index (CPI). He noted that the Nasdaq index, dominated by tech stocks, rose on Tuesday, providing a positive signal for Bitcoin and other risk assets. In other words, Bitcoin's decline could be temporary.
The US Bureau of Labor Statistics is set to release the CPI data for March 2024 later today. This information could potentially influence the performance of Bitcoin and other cryptocurrencies. Investors are advised to keep an eye on these developments as they could impact the market's direction. Thielen's comments come at a time when the cryptocurrency market is experiencing significant volatility, with Bitcoin's price movements being closely watched by investors worldwide.