Bitcoin Breaks $66K Barrier Following CPI Data, Eyes New Highs
- Bitcoin surpasses $66,000 after CPI data release.
- Analysts predict the end of the BTC downtrend.
- BTC eyes $70,000, buoyed by bullish indicators.
Bitcoin’s price surged another 6% on Thursday, surpassing $66,000 for the first time since March. As of press time, it stands at $66,225.85 with a market capitalization of $1.295 trillion. Similarly, its trading volume has surged by 76.00%, amounting to $42.575 billion.
BTC/USD 24-Hour Chart (Source: CoinStats)
This surge comes after the recent U.S. Consumer Price Index (CPI) data release on Wednesday. Bitcoin has now crucially broken above the $64,000 resistance level, potentially setting the stage for further gains to new all-time highs.
Market Analysts Signal End of Downtrend
Rekt Capital, a cryptocurrency research firm, said the recent breakout suggests the Bitcoin downtrend might be nearing its end. The firm noted that markets often test investor resolve with pullbacks before significant gains materialize.
“The Bitcoin bull market is not over,” Rekt Capital remarked.“
Additionally, Bitcoin shows signs of reducing sell-side momentum, beginning to stabilize around the $60,000 support level. …
The post Bitcoin Breaks $66K Barrier Following CPI Data, Eyes New Highs appeared first on Coin Edition.
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Bitcoin Breaks $66K Barrier Following CPI Data, Eyes New Highs
- Bitcoin surpasses $66,000 after CPI data release.
- Analysts predict the end of the BTC downtrend.
- BTC eyes $70,000, buoyed by bullish indicators.
Bitcoin’s price surged another 6% on Thursday, surpassing $66,000 for the first time since March. As of press time, it stands at $66,225.85 with a market capitalization of $1.295 trillion. Similarly, its trading volume has surged by 76.00%, amounting to $42.575 billion.
BTC/USD 24-Hour Chart (Source: CoinStats)
This surge comes after the recent U.S. Consumer Price Index (CPI) data release on Wednesday. Bitcoin has now crucially broken above the $64,000 resistance level, potentially setting the stage for further gains to new all-time highs.
Market Analysts Signal End of Downtrend
Rekt Capital, a cryptocurrency research firm, said the recent breakout suggests the Bitcoin downtrend might be nearing its end. The firm noted that markets often test investor resolve with pullbacks before significant gains materialize.
“The Bitcoin bull market is not over,” Rekt Capital remarked.“
Additionally, Bitcoin shows signs of reducing sell-side momentum, beginning to stabilize around the $60,000 support level. …
The post Bitcoin Breaks $66K Barrier Following CPI Data, Eyes New Highs appeared first on Coin Edition.
Read More