Bitcoin (BTC) price rose over 7% on Wednesday, surpassing the $66,000 level after April inflation data in the US showed that it increased in line with expectations.
This situation has strengthened expectations that the Federal Reserve (Fed) may reduce interest rates several times.
Bitcoin's value rose in parallel with the S&P 500 index rising by 0.9% to reach an all-time high.
On the other hand, US bond interest rates and dollar index fell to their lowest levels in a month.
Investors are quite confident in expecting at least one interest rate cut in the next month until September. According to CME data, the market puts the probability of at least one interest rate cut by September at 71%. This rate was around 65% the day before.
Bitcoin reached its May high of $65,500, which could trigger a short-term uptrend.
The next level to watch will be the April high of $67,000.
Beyond this level, a retest of $73,000, one of the yearly highs, could be targeted.
Could Bitcoin Price Break Out of a Multi-Month Range?
Concerns that inflation will increase in the first quarter of 2024 have become an important negative factor for Bitcoin. Inflation, which was initially high, led the markets to expect that the Federal Reserve (Fed) would make aggressive interest rate cuts.
This process can be seen as one of the main reasons why Bitcoin experienced a pause after reaching record highs of $74,000. After this peak, Bitcoin entered a period of consolidation, mostly fluctuating between $60,000 and $70,000.
However, the latest inflation report indicates that the inflation increase in the first quarter is not sustainable. This development may turn into a medium-term opportunity for Bitcoin as inflation concerns ease.
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