Why Bitcoin Rallies Above $66,000?

Bitcoin recently surged above $66,000 for the first time since April. This rally is attributed to several factors, including:

* Lower-than-expected inflation data: The Consumer Price Index (CPI) data released on May 15 showed inflation rising at a slower pace than anticipated. This suggests inflation might be slowing down, potentially prompting the Fed to maintain a dovish stance and consider rate cuts, which could benefit Bitcoin.

* Increased institutional investment: Reports indicate that some notable institutions are investing heavily in Bitcoin. This bullish outlook suggests institutions view Bitcoin as a long-term investment.

* Technical analysis signals: From a technical analysis perspective, Bitcoin appeared primed for a rally, exiting the post-halving "Danger Zone" and potentially entering an upward trend.

What's next for Bitcoin?

Crypto trading firm QCP Capital predicts this momentum could push Bitcoin's price to its previous highs of $74,000. They cite activity in the derivatives market and growing institutional demand as contributing factors.

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