Bitcoin Price: Is a $70K Milestone in The Loop Amid CPI Data?
Bitcoin Price: Is a $70K Milestone in The Loop Amid CPI Data?
According to The Block, Spot Bitcoin ETFs have experienced a significant influx of funds, with a $302 million investment surge spearheaded by Fidelity's FBTC.
As per data by Lookonchain, a whale accumulated 102 BTC worth of $6.72 M adding to a total of 3,385 BTC since march.
Yesterday's inflation report from the U.S. sparked optimism across the market, leading to a significant rally in major cryptocurrencies. Bitcoin, the leading digital currency, experienced a notable 7.50% increase, reaching $66,350 and breaking through the key $65,000 threshold.
Additionally, the release of milder-than-expected U.S. CPI figures prompted widespread short covering, resulting in a sharp uptick in the cryptocurrency markets. The Consumer Price Index (CPI) data indicated a 3.4% increase, slightly down from the 3.7% figure published in March by the U.S. Bureau of Labor Statistics (BLS).
Looking forward, the question arises: Is this a definitive trend reversal for Bitcoin, or merely a temporary surge? Let's have a closer look on all these taking into account all the other metrics.
Bitcoin ETFs Inflows Hits Record 2-Week High!
Bitcoin Exchange-Traded Funds (ETFs) have recently seen a substantial influx, with investments nearing $303 million, equivalent to 4600 BTC.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">FINAL 5/15 U.S. Bitcoin ETF inflows of +$303 million (4,600 BTC) <a href="https://t.co/dAX2mcgGe8">pic.twitter.com/dAX2mcgGe8</a></p>— HODL15Capital 🇺🇸 (@HODL15Capital) <a href="https://twitter.com/HODL15Capital/status/1790928463538295189?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Following a 7% increase in Bitcoin's value after the release of U.S. inflation figures, Bitcoin ETF inflows reached a two-week peak. Fidelity's FBTC led the charge with a $131 million investment, marking its most significant influx since March.
In addition, Bitwise's BITB experienced an $86 million investment, while BlackRock's IBIT did not record any new investments for three consecutive days. These developments suggest an emerging demand that could potentially elevate Bitcoin's price beyond the $70,000 mark.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">This whale bought another 102 <a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">
BTC
</a>($6.72M) 8 hours ago.<br><br>He has accumulated 3,385 <a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">
BTC
</a>($232.15M) since Mar 6, with an average buying cost of $68,579.<br><br>At the current price, there is still a loss of $8.08M.<br><br>Address:<br>bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w <a href="https://t.co/k3HbqBDj3g">pic.twitter.com/k3HbqBDj3g</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1791026638635118756?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Moreover, data from Lookonchain indicates that a significant Bitcoin investor, identified by the address bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w, has purchased an additional 102 BTC valued at $6.72 million. Since March 6, this investor has amassed a total of 3,385 BTC, worth approximately $232.15 million, with an average purchase price of $68,579. This activity underscores a robust buying trend among large-scale Bitcoin holders.
Bitcoin Price Outlook: How hard Is It Bulls to Conquer $70,000 Mark?
The softened inflation figures have provided some relief to investors, as Bitcoin has shown resilience against further declines. Nonetheless, the path upward appears challenging, with the price persisting within a parallel channel pattern evident on the daily chart.
The recent price movements indicate that Bitcoin has bounced back from the channel's lower edge and is now ascending towards the upper edge. It will be intriguing to observe Bitcoin's behavior upon reaching this upper limit.
Should Bitcoin break through the channel's confines, it could confirm the onset of a bullish trend, potentially propelling the cryptocurrency to unprecedented highs. Conversely, if Bitcoin struggles to breach the upper edge, it could be a precursor to further corrections in the near future.
Conclusion.
Yesterday's U.S. inflation report, showing a CPI increase of 3.4%, sparked market optimism and led to a rally in cryptocurrencies, with Bitcoin rising 7.50% to $66,350. This surge surpassed the psychological level of $65,000 level.
Moreover, Bitcoin ETFs also saw a major influx of nearly $303 million. Despite this, Bitcoin's price movement within a parallel channel pattern suggests uncertainty. If Bitcoin breaks above the channel, it could signal a bullish trend towards new highs. However, failure to surpass the upper boundary might indicate impending corrections.
According to The Block, Spot Bitcoin ETFs have experienced a significant influx of funds, with a $302 million investment surge spearheaded by Fidelity's FBTC.
As per data by Lookonchain, a whale accumulated 102 BTC worth of $6.72 M adding to a total of 3,385 BTC since march.
Yesterday's inflation report from the U.S. sparked optimism across the market, leading to a significant rally in major cryptocurrencies. Bitcoin, the leading digital currency, experienced a notable 7.50% increase, reaching $66,350 and breaking through the key $65,000 threshold.
Additionally, the release of milder-than-expected U.S. CPI figures prompted widespread short covering, resulting in a sharp uptick in the cryptocurrency markets. The Consumer Price Index (CPI) data indicated a 3.4% increase, slightly down from the 3.7% figure published in March by the U.S. Bureau of Labor Statistics (BLS).
Looking forward, the question arises: Is this a definitive trend reversal for Bitcoin, or merely a temporary surge? Let's have a closer look on all these taking into account all the other metrics.
Bitcoin ETFs Inflows Hits Record 2-Week High!
Bitcoin Exchange-Traded Funds (ETFs) have recently seen a substantial influx, with investments nearing $303 million, equivalent to 4600 BTC.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">FINAL 5/15 U.S. Bitcoin ETF inflows of +$303 million (4,600 BTC) <a href="https://t.co/dAX2mcgGe8">pic.twitter.com/dAX2mcgGe8</a></p>— HODL15Capital 🇺🇸 (@HODL15Capital) <a href="https://twitter.com/HODL15Capital/status/1790928463538295189?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Following a 7% increase in Bitcoin's value after the release of U.S. inflation figures, Bitcoin ETF inflows reached a two-week peak. Fidelity's FBTC led the charge with a $131 million investment, marking its most significant influx since March.
In addition, Bitwise's BITB experienced an $86 million investment, while BlackRock's IBIT did not record any new investments for three consecutive days. These developments suggest an emerging demand that could potentially elevate Bitcoin's price beyond the $70,000 mark.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">This whale bought another 102 <a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">
BTC
</a>($6.72M) 8 hours ago.<br><br>He has accumulated 3,385 <a href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw">
BTC
</a>($232.15M) since Mar 6, with an average buying cost of $68,579.<br><br>At the current price, there is still a loss of $8.08M.<br><br>Address:<br>bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w <a href="https://t.co/k3HbqBDj3g">pic.twitter.com/k3HbqBDj3g</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1791026638635118756?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> Moreover, data from Lookonchain indicates that a significant Bitcoin investor, identified by the address bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w, has purchased an additional 102 BTC valued at $6.72 million. Since March 6, this investor has amassed a total of 3,385 BTC, worth approximately $232.15 million, with an average purchase price of $68,579. This activity underscores a robust buying trend among large-scale Bitcoin holders.
Bitcoin Price Outlook: How hard Is It Bulls to Conquer $70,000 Mark?
The softened inflation figures have provided some relief to investors, as Bitcoin has shown resilience against further declines. Nonetheless, the path upward appears challenging, with the price persisting within a parallel channel pattern evident on the daily chart.
The recent price movements indicate that Bitcoin has bounced back from the channel's lower edge and is now ascending towards the upper edge. It will be intriguing to observe Bitcoin's behavior upon reaching this upper limit.
Should Bitcoin break through the channel's confines, it could confirm the onset of a bullish trend, potentially propelling the cryptocurrency to unprecedented highs. Conversely, if Bitcoin struggles to breach the upper edge, it could be a precursor to further corrections in the near future.
Conclusion.
Yesterday's U.S. inflation report, showing a CPI increase of 3.4%, sparked market optimism and led to a rally in cryptocurrencies, with Bitcoin rising 7.50% to $66,350. This surge surpassed the psychological level of $65,000 level.
Moreover, Bitcoin ETFs also saw a major influx of nearly $303 million. Despite this, Bitcoin's price movement within a parallel channel pattern suggests uncertainty. If Bitcoin breaks above the channel, it could signal a bullish trend towards new highs. However, failure to surpass the upper boundary might indicate impending corrections.