front pageBitcoinBitcoin rose 5% to welcome the drop in inflation rate to 3.4% in April

Bitcoin rose 5% to welcome the drop in inflation rate to 3.4% in April

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Bitcoin surged 5% after the inflation news was released, which may be due to the sentiment of investors on the latest inflation data. CPI inflation data showed that the inflation rate slowed slightly in April, with the annual growth rate falling to 3.4%.
Falling prices for groceries and used cars offset rising rent and gasoline costs, according to the Bureau of Labor Statistics. The report marks progress in the fight against persistently high inflation after an unexpected acceleration in the first quarter.
Core inflation hit a three-year low, fueling speculation among market participants about the next rate hike by the Federal Reserve. Some analysts believe the central bank may consider pausing its aggressive rate hike cycle given the progress made in controlling inflationary pressures.
According to Barclays forecasts, the annual inflation rate may fall to 3.1% in December, and the core CPI index may fall to 3.3%. However, these levels will still exceed the Fed's 2% target, leaving policymakers with a delicate balancing act.
Bitcoin has shown strength amid ongoing economic uncertainty. The relative strength index (RSI) shows potential support for further declines. Bitcoin defends the ascending trendline in an effort to retake the critical resistance level of $63,354. A break above $65,500 on the four-hour timeframe could signal a shift in market structure. This could push Bitcoin closer to the psychological $70,000 mark.
In a bullish scenario, Bitcoin could retest its record high of $73,777. The daily time frame shows that Bitcoin has been stuck in a descending channel for two months. The recent false breakout suggests momentum has resumed, which could hint at an upside move.

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