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Attempt at Bitcoin price rebound reaches $105,000 post US inflation figures disclosure

Bitcoin's latest endeavor to reach the $105,000 mark fell short, instead pulling back to hover around $104,000.

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Bitcoin's latest attempt to surpass the $105,000 mark ended with a dip, bringing its value closer...
Bitcoin's latest attempt to surpass the $105,000 mark ended with a dip, bringing its value closer to $104,000 again.

Attempt at Bitcoin price rebound reaches $105,000 post US inflation figures disclosure

Biting the Bitcoin Bullet: A Fresh Look at Crypto's Big Player

Bitcoin's flirtation with the $105K mark today stumbled, dipping back to around $104K. This morning's hiccup was nothing a bit of U.S. inflation data couldn't handle.

Inflation Data: Serve Up Some Crypto dashes, Please! 🍽️

Yesterday, we were all eager beavers, eyes glued to the release of the Consumer Price Index (CPI) - the measure of consumer prices - for April. And the data, in a shocking twist, wasn't what we expected: the U.S. is experiencing a steady decline in inflation.

TradingEconomics reported that the CPI stood at 320.80 points in April, a slight uptick from 319.8 points in March. However, the annual inflation rate plummeted to 2.3%, the lowest since February. This figure was lower than analysts' predictions of 2.4% and March's data. The core annual inflation rate, that snazzy figure with volatile elements like energy and food left out, squeaked up to 2.1%, hitting its lowest level since 2021.

This data sparked hopes that the Fed might slash interest rates at the next FOMC meeting. Hellooo, risk appetite!

New Kid on the Blockchain: Corporate Bigwigs Get Some BTC Action 🤝

While we were busy scrolling through the latest memes, major market players were making deals and snatching up Bitcoin. Strategy drained their piggy banks for another monumental purchase of 13,390 BTC, worth a cool $1.34 billion.

But don't think they were the only ones throwing their hats into the ring! Twenty One Capital, a Company withHELLO THERE TETHER BACKING, splurged on 4,812 BTC, which was nearly $459 million.

They made their moves in a PIPE deal associated with the company's ongoing merger with Cantor Equity Partners, a division of Cantor Fitzgerald. According to a SEC filing, Twenty One Capital now holds a whopping 36,312 BTC, with 31,500 BTC safeguarded by Cantor Equity Partners on their behalf.

But it's not just the whales hopping on the Bitcoin bandwagon. Retail investors are getting in on the action, too! Their purchases increased by 3.4% between April 28 and May 13.

Analysis by CryptoQuant suggests that this upsurge in retail activity could forecast an upcoming BTC rally. Keep your eyes on the prize!

Technical Analysis: The Uptrend Rollercoaster 🎡

On Monday, Bitcoin soared above $105K, driven by U.S.-China agreements. But it failed to keep that momentum going today. Currently, it's chilling around the $104K mark.

In the last 24 hours, it's gained 7.5%. The appetite for Bitcoin is strong, fueled by institutional demand and renewed interest from retail investors.

The RSI has spiked to 72.52, almost kissing the "overbought" threshold of 70, without any signs of slowing down. The uptrend remains robust, with no indications of exhaustion, as the indicator continues to climb steadily.

The Bollinger bands are stretching out, and candles are approaching the upper band at $108,439, upping the ante on the uptrend continuing.

As long as Bitcoin stays above the $100K threshold, downside risks are minimal. This level also acts as a robust support for BTC. However, a sharp break below this level with decreasing volume could send it tumbling down to $92,850.

A token levitating during Bitcoin's recovery is $BTCBULL. Its presale already raised $5.7 million and is edging closer to its target of $6.69 million.

This project dishes out airdrops to its token holders whenever Bitcoin hits specific price milestones.

While we wait for the top crypto to hit $150K or $200K for those airdrops, we can stake the native token to rake in some passive income. The APY is currently sitting pretty at 72%.

For more information on the project, check out the official website of Bitcoin Bull.

And remember, always do your homework. This article is for informational purposes only and is not financial advice. Let's stay green, folks!

Editorial Process

  1. In this rapidly evolving world of technology, the decline in inflation might create more opportunities for risk-taking in the financial sector, particularly in areas like investments in cryptocurrencies such as Bitcoin.
  2. Amidst the growing interest in Bitcoin from institutional investors and retail buyers, some innovative projects like $BTCBULL are already leveraging this trend, offering token holders potential airdrops and passive income through staking, intertwining sports of competition with the realm of finance.

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