Hi Guys,
It's Big & Big #alert About $BTC All Time High !!!
Bitcoin Price to Follow Major Stock Indexes to New ATH Soon
Institutional demand for Bitcoin has driven the recent bullish narrative, a month after the fourth BTC halving event.
Bitcoin (BTC) price rallied over 7 percent in the past 24 hours to reclaim $66K. The flagship coin registered almost double its daily average traded volume in the past 24 hours to about $42 billion on Thursday during the early London session.
The sudden Bitcoin price pump was triggered by the United States inflation data from the Bureau of Labor Statistics involving the Consumer Price Index (CPI). Notably, the US CPI monthly inflation data came in less than expected, 0.3 percent, thus exaggerating the weakening of the US dollar against global currencies.
The recent inflation data caused major stock indexes led by the S&P 500 Index (SPX) to pump against the US dollar. Moreover, more investors are bullish on the stock market and crypto assets amid upcoming US elections.
According to the latest market data, the S&P 500 pumped around 1.17 percent to reach a new all-time high of about 5,308.15 during the extended session. Similarly, the Nasdaq Composite Index (Nasdaq: COMP) pumped 1.4 percent on Wednesday to close the day at 16,742.
Bitcoin Price Signals Inevitable Pump to New ATH
After being trapped in a correction mode for the past two months, Bitcoin price invalidated the downtrend with the recent pump. From a technical standpoint, Bitcoin price closed Wednesday above the daily 50 Moving Average (MA) and also above the 50 Relative Strength Index (RSI).
As a result, Bitcoin price against the US dollar needs to consistently close above $67K in the coming weeks to validate a bullish reversal from a daily head and shoulder (H&S) pattern.
Bitcoin’s bullish momentum is bolstered by the rising institutional demand via spot BTC ETFs. According to on-chain data analysis conducted by Santiment, the seven largest spot BTC ETFs registered a daily traded volume of around $5.65 billion on Wednesday, the highest since March 24, 2024.
