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Bitcoin (BTC) increased by 1.71% on Thursday. BTC finished the day at $30,389, reversing a loss of 1.03% from Wednesday. In the afternoon breakout session, BTC reached a new 2023 high of $30,563.

BTC dropped to an early low of $29,867 as the day got off to a rocky start. BTC climbed to a high point in the middle of the afternoon of $30,563 after avoiding the First Major Support Level (S1) at $29,549.

The First Major Resistance Level (R1) for Bitcoin (BTC) was breached at $30,339, and the price ended the day at $30,389.

The NASDAQ Composite Index and US Wholesale Inflation Provide Support

The Thursday session was really busy. Interest was high in US wholesale inflation and unemployment claims data.

In March, the US producer price index decreased by 0.5% vs an expected 0.1% rise. A higher-than-anticipated increase in US first unemployment claims was also encouraging. Compared to a predicted 232k, claims jumped from 228k to 239k.

The US CPI Report's results confirmed market predictions that the Fed was getting close to the end of its cycle of tightening monetary policy.

In response to the statistics, the NASDAQ Composite Index increased 1.99%, while the S&P 500 and Dow saw increases of 1.33% and 1.14%, respectively.

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