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- The release of softer-than-expected U.S. inflation data has ignited bullish sentiment for riskier assets, with Bitcoin (BTC) leading the way.
- According to CoinDesk, Singapore-based QCP Capital noted that favorable market conditions might push Bitcoin prices toward the $74,000 mark soon, driven by growing institutional demand.
- “We expect bullish momentum here that could take us back to the highs of nearly $74,000,” QCP traders said.
Explore how recent U.S. inflation trends are influencing Bitcoin’s price surge and the broader cryptocurrency market.
Bitcoin Reclaims $66,000: A Market Revitalized by Inflation Data
The U.S. Consumer Price Index (CPI) rose by a modest 0.3% in April, below the 0.4% increase in March and the consensus forecast of 0.4%. This positive news triggered a significant breakout for Bitcoin, which reclaimed the $66,000 level for the first time since April, marking its most substantial single-day gain since March.
Institutional Demand and Market Sentiment
The CoinDesk article highlighted that traders at QCP Capital believe the combination of bullish momentum and increasing demand from traditional finance could see Bitcoin surpass its March record high of $73,700. The firm’s desk reported significant purchases of $100K-$120K BTC call options for December 2024, indicating strong bullish sentiment among investors.
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Impact of Reduced Selling Pressure on Bitcoin’s Price
Alongside this bullish sentiment, some analysts have observed reduced selling pressure on Bitcoin, based on on-chain and exchange data. CryptoQuant analysts noted in a Thursday report that short-term Bitcoin holders are selling at nearly zero profit, with traders depleting their unrealized profits over the past few months. Moreover, the stabilization of Bitcoin balances at OTC desks suggests a decrease in the supply of Bitcoin entering the market for sale via these entities.
Conclusion
This recent uplift in Bitcoin’s price, fueled by softer U.S. inflation data and robust institutional interest, suggests a potentially bullish future for Bitcoin and possibly the wider crypto market. As institutional players continue to enter the market and selling pressures decrease, the outlook for Bitcoin remains promising.
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