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Bitcoin Hits $66K as Soft Inflation Data Sparks Crypto Rally
Sluggish U.S. retail sales and softer inflation reports have opened the way for the next leg up in the crypto rally, Swissblock said.
Updated May 15, 2024, 10:00 p.m. Published May 15, 2024, 8:11 p.m.
- BTC climbed to its highest price since April 24, while Solana's SOL and NEAR led crypto gains.
- Bitcoin could target the $84,000 level with altcoins performing well, Swissblock said.
Crypto markets rallied on Wednesday as softer-than-expected U.S. inflation data jolted digital assets from their stupor.
Bitcoin surged past $66,000 for the first time since April 24, and was recently up more than 7% over the past 24 hours. Ether changed hands near $3,000 but underperformed with a 4% advance during the same period.
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Solana and near led gains among crypto majors with 8% and 12% jumps, respectively, and the broader market benchmark CoinDesk 20 Index (CD20) was up 6%.
The rally occurred as April U.S. Consumer Price Index (CPI) figures edged lower from March, coupled with a slightly sluggish retail sales report. The data came as a relief for investors fearing that reaccelerating inflation and a red-hot economy might force the Federal Reserve to walk back its dovish pivot and even consider interest rate hikes.
"Investors consider this as a bullish regime shift, as it marks the first decrease in CPI inflation over the last three months," Bitfinex analysts said in a market update. This, together with the Federal Reserve previously announcing its intention to taper the central bank's balance sheet run-off, "is seen as a favorable print for risk assets," Bitfinex added.
Looking at traditional markets, U.S. equities also climbed during the day, with the S&P 500 index gaining more than 1% and hitting a fresh all-time high, underscoring the return of risk appetite.
Today's bitcoin surge also marked a break-out from a downtrend that capped prices for the last few weeks, Swissblock analysts said in a Telegram update.
"BTC [is] finally making the bigger move," Swissblock said. "We have been waiting for the trigger for the release of a larger structure since March high. Today we got that," referring to the CPI and retail sales numbers.
The analytics firm said the breakout opens the way for BTC to rally $69,000 first, then later potentially towards new all-time highs targeting the $84,000 price level. During the next leg up, "altcoins will follow strongly," the report added.
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