Bitcoin Price Soars After US Inflation Data 🚀
Bitcoin (BTC) price invalidated the recent daily downtrend on Wednesday after briefly rallying above $66k. The flagship coin pumped more than 6.6 percent in the past 24 hours to trade around $65,972 on Thursday during the early Asian session. The sudden Bitcoin price pump that significantly influenced the majority of the altcoins was triggered by US inflation data, the Consumer Price Index (CPI), which came in lower than expected every month.
Bitcoin Aligns with Major Stock Indexes 📈
The recent Bitcoin price pump has mirrored major global stock indexes, led by the S&P 500, which rallied to a new all-time high in the past 24 hours. The rising traded volume for the spot BTC ETFs shows that institutional investors’ heightened demand for Bitcoin has helped rejuvenate the bullish sentiment.
– The top seven spot Bitcoin ETFs registered a daily traded volume of about $5.65 billion
– Hong Kong-based spot BTC ETFs have registered notable cash inflows since inception
Midterm Bitcoin Price Targets 🎯
Bitcoin price rallied above the daily 50 Moving Average (MA) and the Relative Strength Index (RSI) on Wednesday. Bitcoin price must consistently close above the support/resistance level of around $67k to validate the recent reversal backed by an inverted head and shoulder (H&S) pattern.
– Veteran trader Peter Brandt suggests that Bitcoin is on the verge of printing a new all-time high based on the HSBDP indicator.
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