Why Did The Bitcoin Price Rise Above $66,000 Today?
2024年5月16日 - 11:00PM
NEWSBTC
Bitcoin recently rose above $66,000 for the first time since April.
This recent price rally from the flagship crypto is believed to be
due to several factors, including the recently released inflation
data. Inflation Data Comes In Lower Than Expectations The
Consumer Price Index (CPI) inflation data was announced on May 15
and came in lower than expected. The CPI rose by 0.3% in April,
against forecasts of 0.4%. The CPI data was also lower than those
recorded in March and February, when inflation rose by 0.4%.
Related Reading: How High Can The XRP Price Go? Crypto Analyst
Unveils 6-Month Prediction Therefore, the latest inflation data
suggests that inflation in the US might be slowing down. This
development has provided some relief for investors, as the Fed is
likely to maintain a dovish stance and consider rate cuts as
inflation looks to decline. Lower interest rates mean investors
will be more confident investing in risk assets like Bitcoin.
Another factor contributing to Bitcoin’s rally is recent reports
showing that some notable institutions are heavily invested in the
flagship crypto. Bitcoinist reported that the State of Wisconsin
has invested almost $99 million in BlackRock’s Spot Bitcoin ETF.
Hedge Fund Millenium Management is also reported to hold $1.94
billion across five different Spot Bitcoin ETF products. This
presents a bullish outlook for Bitcoin as it suggests that
institutional investors are interested in the crypto token for the
long term. Meanwhile, from a technical analysis perspective,
Bitcoin also looked primed for this rally, with crypto analyst Rekt
Capital revealing that the flagship crypto was out of the
post-halving “Danger Zone.” Crypto analyst
Mikybull Crypto also noted that Bitcoin was displaying a cup and
reversal pattern on the weekly chart and added that the “breakout
will be explosive and will send it to a cycle top.” What Next
For Bitcoin? In a Telegram update, crypto trading firm QCP Capital
stated that they expect this bullish momentum to take Bitcoin’s
price to the previous highs of $74,000. They highlighted activity
in the derivatives market and growing institutional demand as
factors that could contribute to Bitcoin’s rise to this price
level. They also raised the possibility of this being
the resumption of the bull market, stating that “the stars seem to
be aligning on this breakout with significant sovereign and
institutional adoption, abating inflation and upcoming US
elections.” The trading firm added, “If this is indeed the start of
the bull trend again, then this move could take us past all-time
highs.” Related Reading: Ethereum Bull Flag Breakout: ATH On The
Horizon As Major Metrics Turn Bullish Rekt Capital suggested that
this might be the beginning of an upward trend for the flagship
crypto as he revealed that the daily downtrend for Bitcoin is over.
In another X post, the crypto analyst also noted that the Bitcoin
bull market is not yet over. Chart from Tradingview.com
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 5 2024 まで 6 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 6 2023 まで 6 2024