May 16, 2024

Last night, the US April unadjusted CPI annual rate rose to 3.4% as expected, driving the expected rebound. The price reached $66,666 in the early trading and is currently constrained by around $66,776.61. The data turned bullish and the upward trend is obvious. 📈 #Bitcoin 

Net inflows of about $13.91 billion yesterday. The decline in various CPI data points strengthened the expectations of rate cuts and promoted the expected rebound. A large amount of capital inflows of about $62,300 strengthened the support. Short-term data is now bullish. 🚀 #CryptoTrading

Early data showed an attempt to break through $66,776.61, with the first support level at $65,202.76. The overall trend is bullish and the shock is expanding. The resistance level is at $68,965.66, limiting the upward trend, but if it breaks, the price may reach $72,226.47. 🌐 #BTCAnalysis

Additional data:

Capital flow support: $63,358.04-$62,068.80

Long/short ratio: 0.95 (favors longs)

Global short-term long/short ratio: 51.6% long, 48.4% short

Financing rate: 0.0023% - 0.0141%

Market sentiment: bullish

Greed index: 64

Turnover: 17%

Overall, CPI fell, expectations of interest rate cuts rose, the market was bullish, major funds re-entered the market, the short-term trend reversed, but the volatility remained, the long-term trend was still bullish, buying on dips was the main focus, and long positions were the main focus. #CryptoMarket

Macroeconomic background: The US CPI in April was 3.4% year-on-year, in line with expectations, lower than 3.5% in March. The core CPI fell to 0.3%, the lowest level since December 2023. Retail sales were 0% in April, indicating weak consumption, which favors a rate cut. The odds of a rate cut in September are now over 53.5%, totaling 52 basis points.