The rally since last week has pushed Bitcoin ($BTC ) to shoot above $68,000 for the first time in more than five weeks.
#Bitcoin managed to recover after falling to $56,500 on May 1, a decline after printing a new all time high on March 14, 2024 at $73,768 .
Financial Expert Ajaib Crypto Panji Yudha explained, "Bitcoin shot up in the last 24 hours, rising by 6.85% and on Tuesday (21/5) at 08:00 WIB BTC was at $71,248," continued;
“Furthermore, if BTC can stay above the support of $69,000 then the next potential is to rise to test the all time high area at $73,768.”
"However, if there is a decline below the support of $69,000, the potential will bring BTC down to $65,500," continued Panji.
Panji further said, "The increase in the last few days could be an impetus for Bitcoin to break the Sell in May trend with the potential to close May positively. Since May 1 until now Bitcoin has strengthened 14.86%, where in the last three years Bitcoin has always closed down in May."
Meanwhile, Altcoins with large market capitalization also experienced an increase in the last 24 hours:
Ethereum ($ETH ) rose 17.94% to $3,650, Avalanche (AVAX) rallied 12.59% to $39.75 and Solana ($SOL ) shot 9.69 to $184.
Bitcoin (BTC) Last Week
The increase in Bitcoin (BTC) since last week was partly motivated by spot Bitcoin ETF trading which experienced significant inflows during last week's trading, marking the second week of positive flows in a row.
According to Coinglass data, in the trading period May 13 – 17 the spot Bitcoin ETF in the US recorded a total net inflow of around $948.3 million.
Additionally, the crypto asset market reacted positively to signs of slowing inflation in the United States.
On Wednesday (15/5) BTC jumped more than 7% to move above $66,000 after the Consumer Price Index (CPI) report was released, which showed a slight decrease in inflation compared to March.
The CPI report on Wednesday showed a monthly inflation increase of 0.3% MoM, lower than March's 0.4% MoM.
Annual inflation also showed a slight decline, reaching 3.4% YoY in line with market expectations and lower compared to March at 3.5% YoY.
Core CPI, which excludes volatile food and energy prices, rose in line with market expectations at 0.3% MoM in line with expectations and an increase of 3.6% YoY.
“Inflation figures that appear in line with market expectations have triggered a positive response in the crypto market. "Bitcoin, previously pressured by the prospect of continued high interest rates, saw its price surge after showing that inflationary pressures were again moderating," concluded Panji.
Bitcoin Soared This Week
There is some sentiment for altcoins this week starting with NVIDIA's Q1 2024 earnings report due to be released on Wednesday (22/05/2024).
Reports above the potential expectations will drive the prices of Artificial Intelligence (AI) based crypto assets such as RNDR, FET, WLD, AGIX, etc.
Meanwhile, Ethereum (ETH) will be in the spotlight amidst how the Securities and Exchange Commission (SEC) will decide on ETF #Ethereum spot in the US.
This coming Thursday (05/23/2024) is the deadline for the VanEck & Ark 21Shares spot ETH ETF decision.
