Following the release of the U.S. Consumer Price Index (CPI) data, Bitcoin (BTC) experienced a significant surge of 4%, skyrocketing its price from $67,700 to $69,506. The CPI data for May revealed a lower-than-expected inflation rate of 3.3%, sparking optimism in the market. This news comes as investors eagerly await the Federal Reserve’s decisions on interest rate cuts.
Despite recent market fluctuations, Bitcoin has managed to maintain its position above the $67,000 mark and even rallied to $67,900 leading up to the Federal Open Market Committee (FOMC) meeting on June 12. Currently, Bitcoin is trading at $69,389 with a market cap of $1.36 trillion.
The ability of Bitcoin to stay above its 50-day and 20-day simple moving averages suggests a bullish trend, with the daily candle on June 12 showing signs of recovery. If BTC can hold above $68,000, it is likely to gain more strength, with the next resistance level at $70,230 potentially leading to further gains up to $70,680. This positive momentum could drive Bitcoin to surpass the $71,000 mark.
In the event of a downtrend where Bitcoin fails to stay above $68,000, it will find immediate support at $67,680, possibly leading to further declines towards $67,310 and even down to $66,790.
Overall, Bitcoin’s price movement is closely tied to key support and resistance levels, with the current market sentiment leaning towards a potential continuation of the rally. Investors are eagerly watching to see if Bitcoin can maintain its upward momentum in the coming days.