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According to US inflation data, inflation grew more slowly in April, rising by 0.3% compared to 0.4% in the previous month, surpassing economists’ expectations of 0.4% monthly growth. The price of Bitcoin (BTC), which had been fluctuating between $60,000 support and $64,000 resistance for nearly two weeks, grew against sellers and surpassed the $65,000 level.
Price Movement in Bitcoin
After the limited movement in the narrow range between $60,000 and $64,000, the BTC price is trying to close above $65,000 daily. However, with inflation breaking its rising streak in April, cryptocurrencies show the potential to wake up and recover the losses experienced since April.
According to the CPI report, annual inflation increased by 3.4%, in line with the expectations reported in March, but fell below 3.5%. Excluding volatile food and energy prices, Core CPI increased by 0.3%, in line with market observers’ expectations of 3.6%. This measurement rose to 0.4% in March. Additionally, on an annual basis, core CPI fell from 3.8% to 3.6% compared to the previous month.
Analytical Reports on Bitcoin
Last week, the volume of Bitcoin ETFs, which leaned more towards negative flows, seems to be changing momentum with the decrease in inflation in the world’s largest economy. According to SoSoValue data, ETFs recorded over $100 million in total daily net inflows, contributing to a total net inflow volume of $11.84. Although exits from Grayscale have decreased in the last few weeks, GBTC still recorded a daily net inflow of -$51 million.
On May 14, the best-performing ETFs were Ark Invest with $133 million, followed by Fidelity with $8 million, and Invesco closing the top three with $6 million. As buyers fight to take control aiming for $70,000 before June, Bitcoin has returned to the bullish front. The cryptocurrency currently stands above three short-term bull market indicators, including the 20-day exponential moving average (EMA), 50-day EMA, and 100-day EMA. The rise of BTC is supported by the relative strength index (RSI) entering the overbought zone at 72. If this indicator maintains its upward trend, investors can expect Bitcoin to close the gap to $70,000 within the next two weeks.
