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Bitcoin has made an incredible comeback. Buoyed by the uplifting latest US inflation statistics, the Queen cryptocurrency sparked a record fest this Monday, approaching $65,000. Take a big breath of fresh air and restart your bullish engine!
May CPI brings new wind to Bitcoin
Bitcoin investors have been eagerly awaiting the release of the US Consumer Price Index. And, of course, these important inflation data will influence the Fed's next interest rate decisions.
Contrary to all expectations, inflation statistics showed an encouraging trend. As a result, the “core” CPI fell to 3.8% year-on-year, the lowest level in three years. That's a huge relief for markets hoping for an end to the destructive rate hike cycle. Celebrations were immediate on Wall Street, with major indexes soaring to new heights.
Will you call a peak in BTC?
Bitcoin wasted no time in riding this wave of euphoria. The famous cryptocurrency directly seized the opportunity to resume its meteoric rise. Within a few hours, it had already surpassed $64,700 in a completely crazy bullish whirlwind.
For experienced analysts, this price awakening is just beginning. With CPI numbers like these, the possibility of a dovish U.S. Federal Reserve change is rapidly increasing. As a result, some are predicting a rate cut as early as July, potentially leading to another big move in Bitcoin.
Buoyed by the latest CPI numbers, Bitcoin is awakening to new uncharted heights. And this is just the beginning, according to experts, who see this resurgence in energy as the start of another massive super bullish cycle. It's been a euphoric time for the crypto market, which is back in earnest to attempt new records. Get ready. Bitcoin's resurgence promises to be sudden and memorable.
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Adapt to society and live a safe life to survive in universities around the world. Community managers manage the underlying cryptocurrencies and work on blockchain and its development. Experience and fair management should be passionately considered in the domain and article information and contract.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
