Bitcoin Price Surges Ahead of CPI Data Release.

Bitcoin's price rose to over $29,300 on April 10 as traders await the April 12 consumer price index report to gain insight into the Federal Reserve's fight against inflation. A drop in inflation could lead to a potential Fed pivot, while persistent inflationary forces could lead to more interest rate hikes in May. Bitcoin's rise suggests that traders have been pricing in a drop in inflation. However, the U.S. dollar index climbed 0.7% on April 10, showing macro investors see a rate hike ahead. From a technical analysis standpoint, Bitcoin must close above its weekly resistance range to eye a run-up toward $40,000.