Bitcoin Price Today: BTC Hits $66,000 Expected to Trigger Altcoin Rise?

Bittime - Crypto markets showed positive movement after inflation data for the United States (US) came out lower than expected.

This sparked a revival in investor sentiment, prompting significant buying action. The price of Bitcoin, the leading crypto asset, surged past $66,000 for the first time since April 24, and saw an increase of more than 6% in the last 24 hours.

Bitcoin Price Soars Towards ATH

Bitcoin prices showed encouraging gains following the release of US Consumer Price Index (CPI) data for April, which showed a slight decline from March.

Sumber: Blockchainreporter

This was accompanied by a retail sales report that was slightly weaker than expected. This data provides a breath of fresh air for investors who were previously plagued by worries.

They worry that rising inflation and potential overheating of the economy will prompt the Federal Reserve to abandon its dovish policy and consider raising interest rates.

"Investors see this as a bullish regime shift, as it marks the first decline in CPI inflation over the past three months," said Bitfinex analysts quoted by Blockchainreporter.

They added that this, along with the Federal Reserve's previous announcement of plans to reduce the central bank's balance sheet, "is seen as a positive development for risk assets like Bitcoin."

Check Today's Crypto Market:

Bitcoin Market Experiences Major Liquidation

Over the last 24 hours, the Bitcoin market saw a spike in total liquidations approaching $60 million. Bearish positions were the main targets for liquidation, with a total value of more than $48 million.

Despite these heavy liquidations, QCP Capital, a crypto trading firm, predicts that Bitcoin (BTC) will climb back to $74,000 in the next few weeks.

Bitcoin Market Analysis: Price Increase Expected

QCP Capital, an investment analysis firm, on Thursday (May 16, 2024) released a report predicting a rise in Bitcoin prices to a high of $74,000. These predictions are based on several factors, including:

• Macroeconomic developments in the US : Gradual decline in inflation and possible subsequent reduction in interest rates, which is considered favorable for risk assets such as Bitcoin.
• Bitcoin bullish momentum : Since QCP Capital's analysis, Bitcoin price has been trading around $66,000, indicating a steady upward trend.
• Trading activity : QCP Capital analysts noted significant buying of Bitcoin call options with strike prices of $100,000 to $120,000 for December 2024, indicating investors' confidence in Bitcoin's future price rise.
• Increased institutional demand : Large asset managers such as Millennium and Schonfeld have increased their investments in Bitcoin, allocating 3% and 2% of their Assets Under Management (AUM) into the Bitcoin Spot ETF.
• Widespread Bitcoin adoption : QCP Capital analysts also observed that Bitcoin's price breakout coincides with increased Bitcoin adoption by countries and institutions, ahead of the upcoming US elections. This has fueled speculation that Bitcoin's current price increase could signal a "resumption of the bull market."

Bitcoin Price Today

Bitcoin experienced a significant rally on May 16, breaking through the 20-day exponential moving average of $63,379. 

This move marks a shift of momentum into the hands of buyers, pushing the price of Bitcoin higher in the last few hours.

The next target is to break the $70,000 mark. Currently, Bitcoin is trading at $66,268, showing an increase of more than 6.5% in the last 24 hours.

Check Price:

BTC/IDR Price Today

According to Bittime trade data, BTC/IDR today, May 16, experienced a price increase of 4.46%. Currently, Bitcoin is trading for IDR 1,053,559,714.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

To be able to buy crypto assets on  Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn  Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Read Also:

Bitcoin Mining Drops 74% After April Halving, What's Up?

Humanity Protocol: Digital Identity with Palm Scans

XRP Price Predicted to Reach IDR 193,000 Per Coin, According to This Analyst!

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.