Risky assets, including Bitcoin and altcoins, received a boost following today's CPI report.
The S&P 500 Index (SPX) and the Nasdaq Composite soared to a new lifetime high after the United States Consumer inflation report came in less than expected. That ignited a rally in Bitcoin (BTC), pushing the price above $66,000. The farther Bitcoin moves from $60,000, the less likely a breakdown is. However, that does not guarantee the start of a new uptrend.
Galaxy Digital founder and CEO Mike Novogratz said during the firm’s first quarter earnings call that Bitcoin was likely to consolidate between $55,000 and $75,000 before moving higher at the end of the current quarter.
The failure of the bears to sink Bitcoin below $60,000 seems to have attracted buyers. CoinShares’ “Digital Asset Fund Flows Weekly” report showed inflows of $130 million into digital asset investment products this past week, the first such occurrence in five weeks.
