{"id":608399,"date":"2024-05-16T14:00:28","date_gmt":"2024-05-16T14:00:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=608399"},"modified":"2024-06-11T07:02:54","modified_gmt":"2024-06-11T07:02:54","slug":"bitcoin-price-rise-above-66000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-rise-above-66000\/","title":{"rendered":"Why Did The Bitcoin Price Rise Above $66,000 Today?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin recently rose above $66,000 for the first time since April. This recent price rally from the flagship crypto is believed to be due to several factors, including the recently released inflation data.\u00a0<\/span><\/p>\n<h2>Inflation Data Comes In Lower Than Expectations<\/h2>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-tumbles-hot-cpi-data-analyst-ultra-bullish\/\"><span style=\"font-weight: 400\">Consumer Price Index (CPI)<\/span><\/a><span style=\"font-weight: 400\"> inflation data was announced on May 15 and came in lower than expected. The CPI rose by 0.3% in April, against forecasts of 0.4%. The CPI data was also lower than those recorded in March and February, when inflation rose by 0.4%.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/how-high-can-the-xrp-price-go\/\">How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction<\/a><\/div>\n<p><span style=\"font-weight: 400\">Therefore, the latest inflation data suggests that inflation in the US might be slowing down. This development has <\/span><a href=\"https:\/\/bitcoinist.com\/investors-206-million-crypto-funds-interest-rate\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">provided some relief for investors<\/span><\/a><span style=\"font-weight: 400\">, as the Fed is likely to maintain a dovish stance and consider rate cuts as inflation looks to decline. Lower interest rates mean investors will be more confident investing in risk assets like Bitcoin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another factor contributing to Bitcoin\u2019s rally is recent reports showing that some notable institutions are heavily invested in the flagship crypto. Bitcoinist <\/span><a href=\"https:\/\/bitcoinist.com\/blackrocks-bitcoin-etf-secures-99m-investment\/#:~:text=The%20latest%20development%20reveals%20that,BlackRock's%20iShares%20Bitcoin%20Trust%20ETF.\" rel=\"nofollow\"><span style=\"font-weight: 400\">reported<\/span><\/a><span style=\"font-weight: 400\"> that the State of Wisconsin has invested almost $99 million in BlackRock\u2019s Spot Bitcoin ETF. Hedge Fund Millenium Management is also reported to hold $1.94 billion across five different Spot Bitcoin ETF products.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This presents a bullish outlook for Bitcoin as it suggests that institutional investors are interested in the crypto token for the long term. Meanwhile, from a technical analysis perspective, Bitcoin also looked primed for this rally, with crypto analyst Rekt Capital <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-left-danger-zone\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">revealing<\/span><\/a><span style=\"font-weight: 400\"> that the flagship crypto was out of the post-halving \u201cDanger Zone.\u201d\u00a0\u00a0\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000\/\"><span style=\"font-weight: 400\">Crypto analyst Mikybull Crypto<\/span><\/a><span style=\"font-weight: 400\"> also noted that Bitcoin was displaying a cup and reversal pattern on the weekly chart and added that the \u201cbreakout will be explosive and will send it to a cycle top.\u201d\u00a0<\/span><\/p>\n<h2>What Next For Bitcoin?<\/h2>\n<p><span style=\"font-weight: 400\">In a Telegram update, <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-plunge-nearly-430-m-lost-in-24-hours\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">crypto trading firm QCP Capital<\/span><\/a><span style=\"font-weight: 400\"> stated that they expect this bullish momentum to take Bitcoin\u2019s price to the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">previous highs of $74,000<\/span><\/a><span style=\"font-weight: 400\">. They highlighted activity in the derivatives market and growing institutional demand as factors that could contribute to Bitcoin\u2019s rise to this price level.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">They also raised the possibility of this being the resumption of the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">bull market<\/span><\/a><span style=\"font-weight: 400\">, stating that \u201cthe stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and <\/span><a href=\"https:\/\/bitcoinist.com\/crypto-politics-cardano-founder\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">upcoming US elections<\/span><\/a><span style=\"font-weight: 400\">.\u201d The trading firm added, &#8220;If this is indeed the start of the bull trend again, then this move could take us past all-time highs.\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-608404 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/Bitcoin_09c8fb.png?w=460&#038;resize=460%2C308\" alt=\"Bitcoin\" width=\"460\" height=\"308\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/Bitcoin_09c8fb.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/Bitcoin_09c8fb.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-bull-flag-breakout\/\">Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish<\/a><\/div>\n<p><span style=\"font-weight: 400\">Rekt Capital suggested that this might be the beginning of an upward trend for the flagship crypto as he <\/span><a href=\"https:\/\/x.com\/rektcapital\/status\/59319672\" rel=\"nofollow\"><span style=\"font-weight: 400\">revealed<\/span><\/a><span style=\"font-weight: 400\"> that the <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crash-10-69000\/\"><span style=\"font-weight: 400\">daily downtrend<\/span><\/a><span style=\"font-weight: 400\"> for Bitcoin is over. In another <\/span><a href=\"https:\/\/x.com\/rektcapital\/status\/80575663\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\">, the crypto analyst also noted that the Bitcoin bull market is not yet over.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/fVmPhjVY\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1576\"><figcaption class=\"wp-caption-text\">BTC bulls push price above $66,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin recently rose above $66,000 for the first time since April. This recent price rally from the flagship crypto is believed to be due to several factors, including the recently released inflation data.\u00a0 Inflation Data Comes In Lower Than Expectations The Consumer Price Index (CPI) inflation data was announced on May 15 and came in lower than expected. The CPI rose by 0.3% in April, against forecasts of 0.4%. The CPI data was also lower than those recorded in March and February, when inflation rose by 0.4%. Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction Therefore, the latest inflation data suggests that inflation in the US might be slowing down. This development has provided some relief for investors, as the Fed is likely to maintain a dovish stance and consider rate cuts as inflation looks to decline. Lower interest rates mean investors will be more confident investing in risk assets like Bitcoin.\u00a0 Another factor contributing to Bitcoin\u2019s rally is recent reports showing that some notable institutions are heavily invested in the flagship crypto. Bitcoinist reported that the State of Wisconsin has invested almost $99 million in BlackRock\u2019s Spot Bitcoin ETF. Hedge Fund Millenium Management is also reported to hold $1.94 billion across five different Spot Bitcoin ETF products.\u00a0 This presents a bullish outlook for Bitcoin as it suggests that institutional investors are interested in the crypto token for the long term. Meanwhile, from a technical analysis perspective, Bitcoin also looked primed for this rally, with crypto analyst Rekt Capital revealing that the flagship crypto was out of the post-halving \u201cDanger Zone.\u201d\u00a0\u00a0\u00a0 Crypto analyst Mikybull Crypto also noted that Bitcoin was displaying a cup and reversal pattern on the weekly chart and added that the \u201cbreakout will be explosive and will send it to a cycle top.\u201d\u00a0 What Next For Bitcoin? In a Telegram update, crypto trading firm QCP Capital stated that they expect this bullish momentum to take Bitcoin\u2019s price to the previous highs of $74,000. They highlighted activity in the derivatives market and growing institutional demand as factors that could contribute to Bitcoin\u2019s rise to this price level.\u00a0\u00a0 They also raised the possibility of this being the resumption of the bull market, stating that \u201cthe stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections.\u201d The trading firm added, &#8220;If this is indeed the start of the bull trend again, then this move could take us past all-time highs.\u201d Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish Rekt Capital suggested that this might be the beginning of an upward trend for the flagship crypto as he revealed that the daily downtrend for Bitcoin is over. In another X post, the crypto analyst also noted that the Bitcoin bull market is not yet over.\u00a0 Chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":608425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-608399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Why Did The Bitcoin Price Rise Above $66,000 Today?<\/title>\n<meta name=\"description\" content=\"Bitcoin recently rose above $66,000 for the first time since April, and this 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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