Bitcoin surged past the $65k mark after the release of the US Consumer Price Index data.
Bitcoin is at an all-time high! The crypto market and investors are celebrating the incredible bounceback of BTC. The very first cryptocurrency’s price went up to almost $65,000, which caused a lot of other cryptocurrencies to go up in price as well.
BTC’s impressive surge is due to numerous factors, the US Consumer Price Index (CPI) data being the most important one.
Bitcoin Surge: US CPI’s May Data
People who invest money around the world were eagerly waiting for a report on US prices in May 2024. This report would affect what the Federal Reserve decides to do with interest rates in the US.
Fortunately, the interest Fed rate hikes won’t be increased!
The data released by the CPI revealed a downward trend of 3.8%, the lowest in 3 years. This will prevent the vicious Fed rate hike that follows with the CPI data.
This primarily has boosted BTC prices to new heights, giving a clear path to a continued bull run of the BTC token.
Bitcoin Future Predictions
All seasoned analysts agree that BTC will continue to have an outstanding bullish uptrend in the Crypto exchange. This is mainly due to the low CPI data released in May. Some analysts are even going further on the prediction, and betting on a rate cut as early as July.
This will further push the BTC prices to a much larger bullish uptrend!
The whole cryptocurrency market is high on BTC surge euphoria. BTC going up will bolster the price of altcoins, and meme coins as well. Investors will likely make the most of it during the BTC roaring with its continuously increasing value.
BTC prices are always fluctuating in the crypto world, so new investors should do their own research before investing.
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