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📈 Why has bitcoin started to rise again?
After showing an all-time high in March, bitcoin has not been able to overcome this historical bar for the second month. The ray of hope was the decline in inflation in the United States. The bulls' answer did not take long to come.
Over the past seven days, bitcoin grew by more than 8%. Interestingly, almost all the growth occurred on one day: on Wednesday, May 15, BTC added 7.64%. Due to the success of the last few days, the first cryptocurrency is once again trading above $65,000.
One of the main reasons for the growth can be called the figures on inflation in the United States for April. They turned out to be better than expected. The Consumer Price Index (CPI) for the month grew by only 0.3% compared to March and by 3.4% compared to last year.
From the position of technical analysis we can talk about the end of the correction. This is confirmed not only by the growth on the chart, but also by the data of indicators. The price is again above the 50-day moving average (marked in blue), and RSI is growing and has overcome the 50 mark. Further growth is possible when overcoming the resistance level around $67,200. The support level is at $56,500.
