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bitcoin price rose 6.2% in the last 24 hours to trade at $65,959 at 01:36 am EST with trading volume increasing almost 60%.
It comes after data showed that US inflation, as measured by the Consumer Price Index (CPI), fell to 3.4% in April, from 3.5% previously, on an annual basis in April.
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April US CPI rose 3.4% and bitcoin soared to $64,000!
The CPI fell from 3.5% in March to 3.4% in April
Data meets expectations, increasing Fed's room to cut ratestwitter.com/hashtag/CPI?src=hash&ref_src=twsrc%5Etfw”>#IPC twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin twitter.com/hashtag/Cryptocurrency?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrency twitter.com/hashtag/FinancialNews?src=hash&ref_src=twsrc%5Etfw”>#FinancialNews twitter.com/hashtag/EconomicTrends?src=hash&ref_src=twsrc%5Etfw”>#Economic trends pic.twitter.com/bjTMJ7S5uS
-TradingLink (@TL_TradingLink) twitter.com/TL_TradingLink/status/1790981907691274479?ref_src=twsrc%5Etfw”>May 16, 2024
The price of bitcoin rose 7.5% immediately after the publication, reaching $66,350, on hopes of a possible rate cut from the Federal Reserve.
Meanwhile, QCP Capital, a cryptocurrency trading company, has foretold that bitcoin price could reach $74,000, citing factors including macroeconomic catalysts and growing institutional demand.
Meanwhile, incoming Vanguard CEO Salim Ramji, seen as a pro-crypto figure, said btc ETFs (exchange-traded funds) are not on the table for companies. Ramji will take on the role from July, after joining from BlackRock's global ETF business. He led the logistics and presentation of BlackRock's IBIT.
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Vanguard appointed Salim Ramji as its new CEO, who took charge of the twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Spot ETFs for BlackRock.
-Ravi (@Crypt0xRavi) twitter.com/Crypt0xRavi/status/1790822448612466756?ref_src=twsrc%5Etfw”>May 15, 2024
Current Vanguard CEO postpones the possibility of launching a btc ETF
Initial speculation was that Ramji's appointment could lead Vanguard to launch its own bitcoin ETF. That eased after Ramji said the company will stay true to its anti-crypto “investment philosophy.”
“I think it's important for companies to be consistent in terms of what they stand for and the products and services they offer,” Ramji said in a interview with Barron's which was published on May 15.
Still, Bloomberg Intelligence ETF analyst Eric Balchunas says Ramji's appointment as CEO leaves the door open for btc ETFs at Vanguard down the road.
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And yes, Salim Ramji oversaw the archiving and logistics of twitter.com/search?q=%24IBIT&src=ctag&ref_src=twsrc%5Etfw”>$IR and he's been quoted about his interest in digital assets, although I'm not sure that's going to change Vanguard's stance, but hell, he'll be the CEO. Who knows… The door is much more open now, in my opinion.
– Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1790500120758235386?ref_src=twsrc%5Etfw”>May 14, 2024
bitcoin price prediction
bitcoin price is trading with a bullish bias after a divine candle on Wednesday. It faces resistance due to the upper trend line of a descending parallel channel. Higher lows on the Relative Strength Index (RSI) point to growing bullish momentum and thus sentiment.
This is reinforced by the Awesome Oscillator (AO) histograms, which are approaching positive territory. The ascending green AOs show that the latest market momentum is bullish and gaining strength.
If bitcoin price manages to break the upper boundary and record a decisive candle close above it within one day, it would reach the all-time high of $73,777. In a very bullish case, btc could overcome this hurdle and record a new peak above it.
btc-2.png.webp 1366w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-300×169.png.webp 300w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-1024×576.png.webp 1024w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-768×432.png.webp 768w” srcset=”data:image/svg+xml,%3Csvg%20xmlns=’http://www.w3.org/2000/svg’%20viewBox=’0%200%201366%20768’%3E%3C/svg%3E” data-lazy-sizes=”(max-width: 1366px) 100vw, 1366px”/>
<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201366%20768'%3E%3C/svg%3E" alt="bitcoin” width=”1366″ height=”768″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2.png 1366w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-300×169.png 300w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-1024×576.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-768×432.png 768w” data-lazy-sizes=”(max-width: 1366px) 100vw, 1366px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2.png”/>
btc-2.png.webp 1366w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-300×169.png.webp 300w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-1024×576.png.webp 1024w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-768×432.png.webp 768w” sizes=”(max-width: 1366px) 100vw, 1366px”/>
btc-2.png” alt=”bitcoin” width=”1366″ height=”768″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2.png 1366w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-300×169.png 300w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-1024×576.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-As-BTC-Jumps-6-on-CPI-Data”https://technicalterrence.com/crypto/bitcoin/”>btc-2-768×432.png 768w” sizes=”(max-width: 1366px) 100vw, 1366px”/>
eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal: btc/USD 1-Day Chart
On the other hand, if traders take advantage of the divine candle recorded on Wednesday, the price of bitcoin could pull back. A candle close below the mid-channel line at $60,500 would trigger panic selling. This could send the price of bitcoin to the $58,000 threshold, or worse yet, to the May 1 lows of $56,552.
Meanwhile, bitcoin's rise is great news for platforms like 99BTC, which crypto YouTuber Jacob Bury says has the potential to turn $1,000 into $10,000.
Promising alternative to bitcoin
99BTC is the native cryptocurrency that powers the 99Bitcoins ecosystem. The project's ICO aims to revolutionize crypto education with its Learn-to-Earn model, which gives investors the opportunity to earn passively by learning about blockchain. Completing courses earns $99BTC, which is similar to a cash back rewards program.
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Our twitter.com/hashtag/Learn2Earn?src=hash&ref_src=twsrc%5Etfw”>#Learn2Earn The platform is at the center of our mission to educate.
You will be able to immerse yourself in a wide range of topics, from twitter.com/hashtag/Blockchain?src=hash&ref_src=twsrc%5Etfw”>#blockchain From basics to advanced trading strategies, all while unlocking rewards!
Discover more: https://t.co/NXD7DAamqrtwitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/CryptoNews?src=hash&ref_src=twsrc%5Etfw”>#CryptoNews twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc pic.twitter.com/l9sjDsjOAb
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1784221058481938450?ref_src=twsrc%5Etfw”>April 27, 2024
The project also integrates with BRC-20, allowing the creation of dApps on the bitcoin network. Its intention is to enhance the learning experience by gamifying bitcoin education, as users who complete challenges and lessons earn higher rankings and $99 btc tokens as rewards.
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Pre-sale of 99 Bitcoins is now available | BRC-20 Pre-Sale Cryptocurrency to Learn to Earn | Join… https://t.co/PotaddSy0U through twitter.com/YouTube?ref_src=twsrc%5Etfw”>@Youtube
– crypto Guy (@CryptoB786) twitter.com/CryptoB786/status/1781236585293603309?ref_src=twsrc%5Etfw”>April 19, 2024
99Bitcoins also has a staking platform, where investors can stake $99BTC to earn an impressive 1,343% Annual Percentage Yield (APY). Users can also benefit from the ongoing $99,999 btc community airdrop, with winners to be announced on July 19.
The project has already raised nearly $1.3 million as it moves toward its $2 million goal.
Investors can purchase 99BTC tokens now for $0.00105. With a price increase in five days, buy soon for the best price.
Visit and buy 99Bitcoins here.
Also read:
99Bitcoins (99BTC) – New token to learn how to earn
- Audited by solid evidence
- Established brand: founded in 2013
- Free Airdrop – Win a Share of $99,999
- Learn to Earn: Earn money to complete trading courses
- More than 700,000 YouTube communities
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