Buckle up, crypto enthusiasts! Bitcoin (BTC) defied the recent downtrend, surging past $66,000 and setting the market ablaze. This 6.6% surge in the last 24 hours is a welcome sign for bulls, potentially signaling a return to bullish dominance.
Lower Inflation Data Fuels the Rally
The unexpected lower-than-expected US inflation data (Consumer Price Index – CPI) played a key role in Bitcoin's sudden price jump. This positive economic indicator mirrored the sentiment in major stock indexes, with the S&P 500 reaching a new all-time high.
Institutional Investors Drive the Momentum
The rising trading volume in spot Bitcoin ETFs tells a compelling story. This data, reaching its highest point since March 24th, suggests a renewed interest from institutional investors. Santiment, a market intelligence platform, reports a daily traded volume of $5.65 billion across the top seven spot Bitcoin ETFs. Furthermore, Hong Kong-based spot Bitcoin ETFs are witnessing significant cash inflows, hinting at potential future involvement from mainland China.
Technical Analysis: Bullish Signals Emerge
The recent rally saw Bitcoin climb above the daily 50 Moving Average (MA) and the Relative Strength Index (RSI). Veteran trader Peter Brandt identifies a potential "inverted head and shoulder (H&S)" pattern, which, if confirmed by consistent closing prices above $67,000, could solidify the bullish reversal. Brandt, known for his "hump, slump, bump, dump, pump (HSBDP)" indicator, even predicts a new all-time high for Bitcoin based on this technical analysis.
Midterm Targets and the Road Ahead
While the immediate target appears to be a consistent close above $67,000, Brandt's prediction of a new all-time high adds fuel to the fire of bullish enthusiasm. However, only time will tell if this momentum can be sustained and whether Bitcoin can reach even greater heights.
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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any investment decisions.
Source: Coinpedia.Org
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