May 14, 2024

BTC rebounded slightly yesterday, reaching a high of $63,450 and a low of $60,749.21, with a range of $63,132.84-$60,539. The data in the morning today improved slightly, indicating that the range of fluctuations is expected to continue to expand.

Yesterday, the net inflow was about $1.001 billion, and the data rebounded slightly. Subsequently, the trading volume increased, and the narrow range of fluctuations was bullish. Today's data is generally positive, and the support is effective upward.

The short-term resistance level is still $63,832.81-64,468.79. If it breaks through this level, the fluctuation range may be expanded to $65,669.63. If the trading volume continues to increase and tomorrow's CPI data is in line with or lower than expected, the price may rise to $66,811.07.

The support level of $60,601.93 continues to hold, and $61,859.19 will become an additional support level. Early data shows that there is no direct risk of falling below these levels. The long-term trend remains bullish and any short-term declines are viewed as corrections in the long-term uptrend.

Fed Vice Chairman Jefferson noted a slowdown in downward momentum in inflation, suggesting that tightening policy rates are appropriate. This cautious stance has not had a significant impact on expectations for a rate cut in September. Wednesday's CPI data is critical, with the market expecting a decline in CPI.

BTC's current rally partly reflects these expectations.