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✨Lower US Inflation Propels BTC to $66K:🚀 Can the CPI sustain the crypto market rally or is it just a deadcat bounce?🤷 Bitcoin has surged to $66,000 following the release of US consumer price data on May 15, sparking a wave of excitement across the crypto market. The core consumer price index (CPI), a key measure of underlying US inflation, rose by just 0.3% from March to April, marking its slowest increase in six months. This slowdown in inflation has raised hopes for potential interest rate cuts, fueling optimism among investors. Despite the positive inflation news, Fed Reserve Chair Jerome Powell emphasized the need for more data before considering any rate cuts, urging patience as current policies take effect. Some policymakers even doubt rate cuts will happen this year. However, the crypto market reacted swiftly. BTC's price shot up from $62,000 to $66,000, a 7% jump in just 24 hours. Major altcoins followed suit, with ETH climbing 4.4% and Sol soaring 12.3%. Overall, the total cryptocurrency market capitalization grew by 6.7%, reaching $2.5 trillion, CoinGecko reveals. Beyond easing inflation, other factors at play in BTC's recent surge include lower selling pressure from short-term holders and traders. For this rally to continue, demand needs to accelerate. While there are signs of increased demand from long-term holders and large investors, it needs to pick up pace. Additionally, spot Bitcoin ETF purchases remain low, and stablecoin liquidity growth has yet to improve. Moreover, Bitcoin’s current price is still undervalued from a miner's profitability perspective. The recent Bitcoin halving event in late April 2024 halved miners' rewards, putting financial pressure on them. Historically, low miner profitability often signals price bottoms, suggesting potential for future growth.🥺 Despite the challenges, analysts remain bullish on BTC’s long-term prospects. As the crypto market evolves, macroeconomic conditions, regulatory developments, and political factors will play critical roles in shaping its future. #MarketSentimentToday #ETFvsBTC $BTC

✨Lower US Inflation Propels BTC to $66K:🚀 Can the CPI sustain the crypto market rally or is it just a deadcat bounce?🤷

Bitcoin has surged to $66,000 following the release of US consumer price data on May 15, sparking a wave of excitement across the crypto market. The core consumer price index (CPI), a key measure of underlying US inflation, rose by just 0.3% from March to April, marking its slowest increase in six months.

This slowdown in inflation has raised hopes for potential interest rate cuts, fueling optimism among investors.

Despite the positive inflation news, Fed Reserve Chair Jerome Powell emphasized the need for more data before considering any rate cuts, urging patience as current policies take effect. Some policymakers even doubt rate cuts will happen this year.

However, the crypto market reacted swiftly. BTC's price shot up from $62,000 to $66,000, a 7% jump in just 24 hours. Major altcoins followed suit, with ETH climbing 4.4% and Sol soaring 12.3%. Overall, the total cryptocurrency market capitalization grew by 6.7%, reaching $2.5 trillion, CoinGecko reveals.

Beyond easing inflation, other factors at play in BTC's recent surge include lower selling pressure from short-term holders and traders.

For this rally to continue, demand needs to accelerate. While there are signs of increased demand from long-term holders and large investors, it needs to pick up pace. Additionally, spot Bitcoin ETF purchases remain low, and stablecoin liquidity growth has yet to improve.

Moreover, Bitcoin’s current price is still undervalued from a miner's profitability perspective. The recent Bitcoin halving event in late April 2024 halved miners' rewards, putting financial pressure on them. Historically, low miner profitability often signals price bottoms, suggesting potential for future growth.🥺

Despite the challenges, analysts remain bullish on BTC’s long-term prospects. As the crypto market evolves, macroeconomic conditions, regulatory developments, and political factors will play critical roles in shaping its future.

#MarketSentimentToday #ETFvsBTC $BTC

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