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Bitcoin

April

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 <p class="paragraph">Bitcoin’s (BTC) price surged by $3,000 following the latest U.S. Consumer Price Index (CPI) report for April, which indicated a slowdown in <a rel="dofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a>, boosting investor sentiment towards risk assets.</p> 
 <p class="paragraph">The <em>U.S. Bureau of Labor Statistics</em> reported a rise in consumer prices by 3.4% in April year-over-year, a decrease from March’s 3.7%.&nbsp;</p> 
 <p class="paragraph">This <a rel="dofollow" title="slower" href="https://thebittimes.com/tag/slower.html">slower</a> <a rel="dofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> rate has influenced a positive shift in market dynamics, with major stock indices reaching new highs and cryptocurrency prices, including Bitcoin and Ethereum (ETH), seeing significant upticks.</p> 
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  <img decoding="async" width="1024" height="700" src="https://cdn.thebittimes.com/images/2024/05/16/ade70bab8401520e37dca88adf060b07.webp" alt class="wp-image-176189" srcset="https://cdn.thebittimes.com/images/2024/05/16/ade70bab8401520e37dca88adf060b07.webp 1024w, https://cdn.thebittimes.com/images/2024/05/16/ade70bab8401520e37dca88adf060b07.webp 300w, https://cdn.thebittimes.com/images/2024/05/16/ade70bab8401520e37dca88adf060b07.webp 768w, https://cdn.thebittimes.com/images/2024/05/16/ade70bab8401520e37dca88adf060b07.webp 1059w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>&nbsp;&nbsp;U.S. CPI chart. Source: Bureau of Labor Statistics</em>
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 <p class="paragraph">This data, provided by the <em>U.S. Bureau of Labor Statistics</em>, indicates a moderation in <a rel="dofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a>, which is a positive signal for markets sensitive to interest rate changes. Month-on-month, the CPI rose by 0.3%, slightly below the expected 0.4%.</p> 
 <p class="paragraph">In this regard, data provided by capital market commentary platform <em>The Kobeissi Letter</em>, in an X post on May 15, pointed out that while the latest CPI data shows the first decline in inflation in three months, the PPI data reveals a third consecutive monthly increase.</p> 
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
    <p lang="en" dir="ltr">This marks the first decrease in CPI <a rel="dofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> over the last 3 months.<br><br>However, PPI <a rel="dofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> data yesterday showed a third straight monthly increase.<br><br>The Fed will remain in wait and see mode.<br><br>Follow us @KobeissiLetter for real time <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> as this develops.</p>— The Kobeissi Letter (@KobeissiLetter) May 15, 2024 
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 <p class="paragraph">Given these conflicting trends, the Federal Reserve is expected to adopt a “wait and see” approach regarding future monetary policy decisions.</p> 
 <h2 class="wp-block-heading" id="h-u-s-cpi-data-and-its-impact">U.S. CPI data and its Impact</h2> 
 <p class="paragraph">Following the CPI release, major U.S. stock indices responded with significant gains. The S&amp;P 500 rose by 0.48%, and the Nasdaq Composite Index (NASX) increased by 0.7%, both setting new records.&nbsp;</p> 
 <p class="paragraph">The tech sector, in particular, showed robust performance with the NASDAQ-100 Technology Sector Index climbing by 0.72%. These gains reflect growing confidence among investors that the Federal Reserve may adopt a more accommodative monetary policy in the near future.</p> 
 <p class="paragraph">The bond market reacted to the CPI data with a decrease in yields for both 2-year and 10-year U.S. government bonds, with the 10-year Treasury yield sliding seven basis points to 4.37%.&nbsp;</p> 
 <p class="paragraph">Additionally the U.S. dollar index (DXY) dropped 0.5%, and gold added 0.7%</p> 
 <h2 class="wp-block-heading" id="h-btc-price-analysis">BTC price analysis</h2> 
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  <img decoding="async" width="1024" height="437" src="https://cdn.thebittimes.com/images/2024/05/16/1da40e4d662f4b002dffdfbe81e4bac1.webp" alt class="wp-image-176190" srcset="https://cdn.thebittimes.com/images/2024/05/16/1da40e4d662f4b002dffdfbe81e4bac1.webp 1024w, https://cdn.thebittimes.com/images/2024/05/16/1da40e4d662f4b002dffdfbe81e4bac1.webp 300w, https://cdn.thebittimes.com/images/2024/05/16/1da40e4d662f4b002dffdfbe81e4bac1.webp 768w, https://cdn.thebittimes.com/images/2024/05/16/1da40e4d662f4b002dffdfbe81e4bac1.webp 1536w, https://cdn.thebittimes.com/images/2024/05/16/1da40e4d662f4b002dffdfbe81e4bac1.webp 1746w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>BTC USD 1 day price chart. Source: TradingView</em>
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 <p class="paragraph">BTC is now trading at $64,884.00, with a 1-day rise of around 6%. Analysts note that Bitcoin now faces a crucial technical barrier in the form of its 50-day moving average (DMA) at $65,166.&nbsp;</p> 
 <p class="paragraph">If Bitcoin’s price can break above this level and its May highs around $65,500, further short-term upside could follow. The next levels to watch would be the late-April highs around $67,000, with a retest of yearly highs in the $73,000 area as the subsequent target.</p> 
 <p class="paragraph">The latest U.S. CPI data has significantly impacted the market, with Bitcoin experiencing a notable price surge. Investors are optimistic about potential shifts in the Federal Reserve’s monetary policy, contributing to gains in both the stock and cryptocurrency markets.</p> 
 <p class="paragraph">As Bitcoin approaches critical technical levels, its performance in the coming days will be crucial for determining its short-term trajectory.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><strong><em> </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-is-up-3-000-as-u-s-cpi-data-reveals-slower-inflation-in-april-tbt88460.html">https://thebittimes.com/bitcoin-is-up-3-000-as-u-s-cpi-data-reveals-slower-inflation-in-april-tbt88460.html</a></p>

Bitcoin is up $3,000 as U.S. CPI data reveals slower inflation in April

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