Bitcoin pushed above $73,000 on April 10 even as hotter U.S. inflation data reduced expectations for near-term Federal Reserve rate cuts, underscoring persistent strength in crypto sentiment. According to Bitstamp data, BTC rose to an intraday high of $73,332, its highest level since March 18. At the time referenced in the source report, bitcoin had eased slightly below the $73,000 mark but was still up 1.5% on the day, with a 7-day gain of 9% and a total market capitalization of $1.46 trillion.
Bitcoin rallies despite hotter inflation print
March U.S. Consumer Price Index data showed inflation rising 0.9% for the month and reaching 3.3% on an annual basis. The move was driven largely by higher energy costs, with gasoline prices leading the increase. Under normal macro conditions, stronger inflation would typically pressure risk assets by pushing expected Fed easing further into the future. However, bitcoin only saw brief volatility before regaining momentum and moving higher.
Price action during the session was choppy at first. Bitcoin tested the $73,000 psychological level twice. After an initial attempt late Thursday, the asset sharply corrected to below $72,000. It then tried to recover but briefly stalled again after retaking the $72,000 area. By 4 a.m. ET, BTC had fallen to an intraday low of $71,451, only to reverse into a steady climb that carried it to the day’s peak roughly seven hours later.
Geopolitical relief and policy optimism support sentiment
While the inflation report introduced some uncertainty around the interest-rate outlook, broader market sentiment was helped by optimism tied to Middle East peace developments. The report noted that President Trump’s announcement of a ceasefire in the Iran conflict had offered some relief earlier in the week. Even so, crude oil prices remained elevated relative to pre-conflict levels, suggesting energy-related inflation pressure may not fade quickly.
Another supportive factor came from the policy front. Markets reacted positively to a White House Council of Economic Advisers report on stablecoin yields. The development was seen as part of a broader effort to encourage the Senate to finalize the CLARITY Act, reinforcing the narrative that the United States wants to strengthen its position as a global crypto hub.
Short sellers squeezed as liquidations mount
Bitcoin’s advance also inflicted heavy losses on bearish leveraged traders. Coinglass data showed that about $95 million in leveraged bitcoin positions were liquidated over 24 hours, with shorts accounting for nearly $83 million of that total. Across the broader cryptocurrency market, total short liquidations reached $190 million during the same period.
Overall, bitcoin’s climb above $73,000 in the face of firmer inflation and delayed rate-cut expectations suggests traders are still focused on momentum, policy developments, and liquidation-driven upside. Still, the path of energy prices and Federal Reserve policy remains central to how sustainable the rally will be.