Core

Chair

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) surpasses $64,000 as U.S. core inflation drops to a three-year low.</li>
 <li>The Consumer Price Index (CPI) outperforms expectations, providing a boost to Bitcoin bulls.</li>
</ul>
<p>Bitcoin (BTC) value exceeded $64,000 on May 15, coinciding with a drop in the U.S. core inflation to its lowest in three years.</p>
<p>Data from market monitoring resources showed a local peak of $64,700 for BTC/USD following the start of Wall Street trading.</p>
<h2 id="bitcoin-bolstered-by-cpi-results">Bitcoin Bolstered by CPI Results</h2>
<p>The latest U.S. Consumer Price Index (CPI) results exceeded expectations, giving a lift to Bitcoin bulls. This was a positive development for risk assets, with both the S&amp;P 500 and Nasdaq Composite Index reaching record highs.</p>
<p>For April, the month-on-month CPI was reported at 0.3%, 0.1% below expectations, while other figures matched predictions.</p>
<p>As a result, core inflation dropped to its lowest since 2021, potentially strengthening arguments for interest rate cuts.</p>
<h2 id="market-reactions">Market Reactions</h2>
<p>However, not all reactions were positive. Some market observers noted this was the first drop in CPI inflation in the past three months, while the Producer Price Index (PPI) data showed a third consecutive monthly increase.</p>
<p>Despite the mixed data, Jerome Powell, Chair of the Federal Reserve, maintained a dovish tone. He described the PPI data as “mixed” rather than “hot”.</p>
<p>Despite this, market odds for near-term rate cuts remained mostly unchanged, with a mere 3.1% predicting a June cut and 28.3% for July.</p>
<p>Turning to <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, the exchange order books showed significant changes in response to the CPI data.</p>
<p>Data showed price rising through liquidity to the upside, with a new block forming above the highs around $65,000.</p>
<p>According to popular traders, spot buyers need to maintain pressure and reclaim the 200-period exponential moving average (EMA) as support on 4-hour timeframes, currently at $63,195.</p>
<p>To regain market confidence, Bitcoin would need to flip $65K.</p>

Bitcoin Skyrockets to $64.7K Amid Lowest US Core Inflation in 3 Years

Table of Contents

crypto.ro global

Other articles published on May 15, 2024

Trending Polygon (MATIC) Competitor Trading Under $0.01 Could See a 5000% Bull Move by the End of...

Bitcoin Hash Ribbons Form Capitulation Signal: What It Means

BlockDAG Dashboard Upgrade Reveals Community Rankings as Presale Hits $26M Amid XRP’s SEC Legal B...

BNB Price Recovery in Limbo: Potential Cap Looms Amid Market Uncertainties

Macro Guru Raoul Pal Predicts 'Banana Zone' For Crypto: 'Don't Midcurve It'

Floki Soars As Holders Buoyed By Proposal to Remove 15.24B Tokens Out Of Circulation: The Burn Is...

Join our free newsletter for daily crypto updates!