surged past $66,000 for the first time since April 24, and was recently up more than 7% over the past 24 hours. EtherThe rally occurred as April U.S. Consumer Price Index figures edged lower from March, coupled with a slightly sluggish retail sales report. The data came as a relief for investors fearing that reaccelerating inflation and a red-hot economy might force the Federal Reserve to walk back its dovish pivot and even consider interest rate hikes.
"Investors consider this as a bullish regime shift, as it marks the first decrease in CPI inflation over the last three months," Bitfinex analysts said in a market update. This, together with the Federal Reserve previously announcing its intention to taper the central bank's balance sheet run-off,"is seen as a favorable print for risk assets," Bitfinex added.
Looking at traditional markets, U.S. equities also climbed during the day, with the S&P 500 index gaining more than 1% and hitting a fresh all-time high, underscoring the return of risk appetite. Today's bitcoin surge also marked a break-out from a downtrend that capped prices for the last few weeks, Swissblock analysts said in a Telegram update.
"BTC finally making the bigger move," Swissblock said."We have been waiting for the trigger for the release of a larger structure since March high. Today we got that," referring to the CPI and retail sales numbers.The analytics firm said the breakout opens the way for BTC to rally $69,000 first, then later potentially towards new all-time highs targeting the $84,000 price level. During the next leg up,"altcoins will follow strongly," the report added.
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