Bitcoin ETF

Bitcoin

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Rise

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.&nbsp; 
<h2 id="inflation-data-comes-in-lower-than-expectations">Inflation Data Comes In Lower Than Expectations</h2> 
The <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-tumbles-hot-cpi-data-analyst-ultra-bullish/">Consumer Price Index (CPI)</a> 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%. 
Therefore, the latest inflation data suggests that inflation in the US might be slowing down. This development has <a href="https://bitcoinist.com/investors-206-million-crypto-funds-interest-rate/" rel="nofollow">provided some relief for investors</a>, 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.&nbsp; 
Another factor contributing to Bitcoin’s rally is recent reports showing that some notable institutions are heavily invested in the flagship crypto. Bitcoinist <a href="https://bitcoinist.com/blackrocks-bitcoin-etf-secures-99m-investment/#:~:text=The%20latest%20development%20reveals%20that,BlackRock's%20iShares%20Bitcoin%20Trust%20ETF." rel="nofollow">reported</a> 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.&nbsp; 
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 <a href="https://bitcoinist.com/bitcoin-price-left-danger-zone/" rel="nofollow">revealing</a> that the flagship crypto was out of the post-halving “Danger Zone.”&nbsp;&nbsp;&nbsp; 
<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000/">Crypto analyst Mikybull Crypto</a> 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.”&nbsp; 
<h2 id="what-next-for-bitcoin">What Next For Bitcoin?</h2> 
In a Telegram update, <a href="https://bitcoinist.com/bitcoin-plunge-nearly-430-m-lost-in-24-hours/" rel="nofollow">crypto trading firm QCP Capital</a> stated that they expect this bullish momentum to take Bitcoin’s price to the <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">previous highs of $74,000</a>. They highlighted activity in the derivatives market and growing institutional demand as factors that could contribute to Bitcoin’s rise to this price level.&nbsp;&nbsp; 
They also raised the possibility of this being the resumption of the <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">bull market</a>, stating that “the stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and <a href="https://bitcoinist.com/crypto-politics-cardano-founder/" rel="nofollow">upcoming US elections</a>.” 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.” 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-608404 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_09c8fb.png?w=460&amp;resize=460%2C308" alt="Bitcoin" width="460" height="308" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_09c8fb.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_09c8fb.png?w=460&amp;resize=460%2C308 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Rekt Capital suggested that this might be the beginning of an upward trend for the flagship crypto as he <a href="https://x.com/rektcapital/status/1790812076459319672" rel="nofollow">revealed</a> that the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">daily downtrend</a> for Bitcoin is over. In another <a href="https://x.com/rektcapital/status/1790815106080575663" rel="nofollow">X post</a>, the crypto analyst also noted that the Bitcoin bull market is not yet over.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/fVmPhjVY/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Why Did The Bitcoin Price Rise Above $66,000 Today?

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