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Bitcoin Roaring On Soft Inflation Data:  Surges By $4,500 As Bulls Target $70,000

Bitcoin is rising, as seen in the daily chart. After a depressing lull over the past few weeks, yesterday’s events sparked interest, lifted sentiment, and funneled capital back to the world’s most valuable coin. The breakout saw the coin surge by over $4,000, lifting prices above $66,000. This surge is massive for Bitcoin and might set in motion other encouraging events that will lift prices above immediate liquidation lines.

For now, the spike of May 16 has seen Bitcoin gain roughly 7% in the last day and week. At the same time, the uptick in trading volume, rising above $42 billion, is massive. It signals that traders are interested and likely looking for entries to load on dips, aligning with the recent breakout.

Bitcoin daily chart for May 16

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The following Bitcoin news events are worth watching:

  • Inflation in the United States is falling. From yesterday’s data, core inflation dropped to a three-year low. Though headline inflation still came in higher, there are hints of a taper, which means the United States Federal Reserve could consider slashing rates in the months ahead.
  • Pro-Bitcoin business intelligence firm MicroStrategy has been added to the MSCI World Index based on its rapidly rising market capitalization. MSTR shares have more than 4X in the past year alone. It comes as fresh data shows that more public firms are also gaining BTC exposure via spot ETFs.

Bitcoin Price Analysis

BTC/USD is back in green, reading from the candlestick arrangement in the daily chart.

The breakout above $66,000 signals that the recent consolidation was an accumulation.

Since the surge of May 15 was with rising trading volume, traders might search for entries to load on dips, targeting $70,000 and $72,000 in the coming sessions.

This outlook is valid as long as Bitcoin stays above the psychological round number at $60,000. Any flash down cancels this forecast.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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