📈 Why has Bitcoin started rising again?#
After hitting a historic high in March, Bitcoin has been unable to surpass this historical level for the second month in a row. A ray of hope came with the decrease in inflation in the USA. The bulls' response was not long in coming.
Over the past seven days, Bitcoin has risen by more than 8%. Interestingly, almost all of the growth came in one day: on Wednesday, May 15, BTC added 7.64%. Thanks to the successes of recent days, the leading cryptocurrency is once again trading above $65,000.
One of the main reasons for the rise can be attributed to the inflation figures in the USA for April. They turned out better than expected. The Consumer Price Index (CPI) for the month increased by only 0.3% compared to March and by 3.4% compared to last year.
From a technical analysis standpoint, we can talk about the end of the correction. This is confirmed not only by the rise on the chart but also by the indicator data. The price is once again above the 50-day moving average (denoted by blue), and the RSI is rising and has surpassed the 50 mark. Further growth is possible upon overcoming the resistance level around $67,200. The support level is at $56,500.🔥