Brett (Based)

Brett (Arbitrum)

Bitcoin

April

<p><strong>In this article, we will explore the recent surge in Bitcoin prices, the factors driving this rally, and expert opinions on the future of the cryptocurrency market.</strong></p>
<h2 id="recent-bitcoin-rally">Recent Bitcoin Rally</h2>
<p><a href="https://cryptoticker.io/en/token/BTC">Bitcoin prices</a> have surged recently, reaching their highest value in weeks as the digital currency benefited from several bullish factors, including a positive U.S. inflation report that boosted investor confidence. The world's most prominent cryptocurrency reached $66,442.31 around 4 p.m. EST, marking an 8.3% increase in less than 24 hours, according to CoinMarketCap data. This value is the highest Bitcoin has seen since April 24.</p>
<figure class="image">
 <img style="aspect-ratio:1713/676;" src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/BTCUSDT_2024_05_16_09_30_34_05cf1266bf.png" alt="BTCUSDT_2024-05-16_09-30-34.png" width="1713" height="676">
 <figcaption>
  BTC Current Price as of Writing this Article - <a href="https://www.tradingview.com/symbols/BTCUSD/?aff_id=127958">TRADINGVIEW</a>
 </figcaption>
</figure>
<h2 id="fed-rate-hopes">Fed Rate Hopes</h2>
<p>The price of <a href="https://cryptoticker.io/en/token/BTC">Bitcoin</a> began climbing significantly shortly before the U.S. Labor Department revealed that the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.3% in March. This result was slightly lower than the consensus estimate of 0.4% from a Wall Street Journal poll. Global investors reacted positively to this news, with market analysts suggesting optimism that the Federal Reserve might lower its benchmark rate, thus fueling gains in risk assets like Bitcoin.</p>
<p>Brett Sifling, an investment advisor for Gerber Kawasaki Wealth &amp; Investment Management, commented on the situation: "I believe the CPI report was the main catalyst that sparked this latest <a href="https://cryptoticker.io/en/bitcoin-whales-accumulation-market-trends">Bitcoin rally</a>. You can see the general optimism from investors after the inflation report, with U.S. equities rising and treasury yields falling. The hope is that this will allow the Fed to finally lower rates later this year, which bodes well for risk-on assets like Bitcoin."</p>
<h2 id="market-recovery">Market Recovery</h2>
<p>While the inflation report played a significant role in <a href="https://cryptoticker.io/en/potential-crash-if-bitcoin-dips-below-60k">Bitcoin's gains</a>, the digital currency was clearly oversold before the release of the CPI figures, according to Tim Enneking, managing partner of Psalion. Enneking explained, "While the trigger for today’s gains was certainly the CPI number, it was only the trigger. BTC prices had been drifting downward since the ATH on March 14, putting in a steady series of lower highs and lower lows. The drop to $56.7k on May 1 certainly looked and felt like the bottom, but the market needed a catalyst to really move up – and it’s been waiting for one for the past two weeks. Today, the CPI provided it!”</p>
<h2 id="improved-sentiment">Improved Sentiment</h2>
<p>Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in on Bitcoin's recent price movements, citing today's inflation figures and improving market sentiment. "We do believe the inflation report is largely responsible for Bitcoin's price gains today. Although it wasn't immediate, additional appreciation followed in the ensuing hours. In addition, Bitcoin's strength above the $60K mark since its drop on May 1st has grown investor confidence," DiPasquale said.</p>
<h2 id="lower-selling-pressure">Lower Selling Pressure</h2>
<p>Another factor contributing to <a href="https://cryptoticker.io/en/bitcoin-runes-slows-down">Bitcoin</a>'s recent gains is the reduction in selling pressure, according to a market report from CryptoQuant. The report noted that "the price of Bitcoin recovered to about $66K after economic data showed the US inflation in April increased below expectations." The report also highlighted that there is now lower selling pressure, as short-term bitcoin holders are selling at low or even negative profit margins, unlike in early March when high selling pressure was observed.</p>
<h2 id="bitcoin-price-prediction-and-key-trading-levels">Bitcoin Price Prediction and Key Trading Levels</h2>
<p>Bitcoin's price surged by 8% to $66,442.31 following the U.S. inflation data release. The U.S. consumer price index (CPI) rose by 0.3% in April, down from 0.4% in March and February. This lower-than-expected increase suggests inflation is cooling, which has positive implications for the economy and financial markets.</p>
<p>Key price levels to watch include the pivot point at $65,150, which serves as crucial support. Immediate resistance is found at $67,300, with further resistance at $68,545 and $70,000. On the downside, immediate support is at $63,300, followed by $61,560 and $60,185. The 50-day Exponential Moving Average (EMA) at $62,565 also provides critical support, reinforcing the bullish trend. If Bitcoin fails to sustain its upward trajectory, a pullback to the pivot point at $65,150 is likely, with further declines potentially reaching $63,300. The overbought RSI suggests that a bearish correction may be imminent.</p>
<h2 id="conclusion">Conclusion</h2>
<p>The overall outlook for Bitcoin remains bullish above the $65,150 pivot point. However, a break below this level could trigger a sharp selling trend, targeting immediate support at $63,300. Investors should watch for market indicators and trading levels to navigate potential volatility in the coming weeks.</p>

Bitcoin Jumps Over 8% to Hit Highest Price Since April

Table of Contents

CryptoTicker ENG

Other articles published on May 16, 2024

Raboo’s ICO Sparks Excitement, Surpassing SHIB and Pepe in Crypto Frenzy

Litecoin (LTC) and Chainlink (LINK) Predictions Indicate Growth Is On The Cards, What About Kanga...

Average Struggle for Solana (SOL), Shiba Inu (SHIB) Prepares for Upsurge: Delving into Furrever T...

Binance Launches Liquidity Matching Program to Enhance Trading Ecosystem

New Statement from AK Party Regarding Foreign Bitcoin Exchanges! "No Prohibition"

Vanguard’s New CEO Rules Out Launch of Spot Bitcoin ETF

Join our free newsletter for daily crypto updates!