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The Bitcoin price pumped 6.2% in the past 24 hours to trade for $65,959 as of 01:36 a.m. EST on trading volume that surged almost 60%.
It comes following data that showed US inflation, measured by the Consumer Price Index (CPI), declined to 3.4% in April, from 3.5% previously, on a yearly basis in April.
🌟 U.S. April CPI up 3.4%, Bitcoin soars to $64K! 🚀
📉 CPI dropped from 3.5% in March to 3.4% in April
🎯 Data meets expectations, increasing Fed’s room for rate cuts#CPI #Bitcoin #Cryptocurrency #FinancialNews #EconomicTrends pic.twitter.com/bjTMJ7S5uS
— TradingLink (@TL_TradingLink) May 16, 2024
The Bitcoin price surged 7.5% in the immediate aftermath of the release, reaching $66,350, on hopes for a potential Federal Reserve rate cut.
Meanwhile, QCP Capital, a cryptocurrency trading firm, has predicted that the Bitcoin price could push towards $74,000, citing factors including macroeconomic catalysts and rising institutional demand.
Meanwhile, incoming Vanguard CEO Salim Ramji, seen as a pro crypto figure, said that BTC ETFs (exchange-traded funds) are not on the table for the firms. Ramji will assume the position beginning July, after joining from BlackRock’s global ETF business. He led BlackRock’s IBIT filing and logistics.
Vanguard named Salim Ramji as its new CEO, who handled the #Bitcoin Spot ETFs for BlackRock. 🔥🔥
— Ravi (@Crypt0xRavi) May 15, 2024
Vanguard CEO Incumbent Puts Off BTC ETF Launch Possibility
Initial speculation was that Ramji’s appointment could lead to Vanguard launching its own Bitcoin ETF. That’s subsided after Ramji said the company will remain true to its anti-crypto “investment philosophy.”
“I think it’s important for firms to have consistency in terms of what they stand for and the products and services they offer,” said Ramji in an interview with Barron’s that was published on May 15.
Still, Eric Balchunas, an ETF analysts with Bloomberg Intelligence, says Ramji’s appointment as CEO leaves the door open for BTC ETFs at Vanguard further down the road.
And yes, Salim Ramji oversaw the filing and logistics for $IBIT and he has been quoted about his interest in digital assets altho I’m not sure that’s gonna change Vanguard’s stance but hell he will be the CEO. Who knows.. Door much more open now IMO.
— Eric Balchunas (@EricBalchunas) May 14, 2024
Bitcoin Price Prediction
The Bitcoin price is trading with a bullish bias after a god-candle on Wednesday. It confronts resistance due to the upper trendline of a descending parallel channel. The higher lows on the Relative Strength Index (RSI) point to growing bullish momentum and therefore sentiment.
This is reinforced by the histograms of the Awesome Oscillator (AO), which edge toward positive territory. The climbing green AOs show that the most recent market momentum is bullish, and is growing in strength.
If the Bitcoin price manages to break past the upper boundary and record a decisive candlestick close above it on the one-day timeframe, it would bring the $73,777 all-time high into reach. In a highly bullish case, BTC could clear this roadblock and record a new peak above it.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, if traders cash in on the god-candle recorded on Wednesday, the Bitcoin price could retract. A candlestick close below the midline of the channel at $60,500 would provoke panic selling. This could send the Bitcoin price to the $58,000 threshold, or worse, the May 1 lows of $56,552.
Meanwhile, Bitcoin’s surge is great news for platforms like 99BTC, which crypto YouTuber Jacob Bury says has the potential to turn $1k into $10K.
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 an opportunity to earn passively by learning about blockchain. Completing courses earns $99BTC, which is similar to a cashback rewards program.
Our #Learn2Earn platform is at the heart of our mission to educate. 🤝
You’ll be able to dive into a wide array of topics, from #Blockchain basics to advanced trading strategies, all while unlocking rewards!
Discover More: https://t.co/NXD7DAamqr#99Bitcoins #CryptoNews $BTC pic.twitter.com/l9sjDsjOAb
— 99Bitcoins (@99BitcoinsHQ) April 27, 2024
The project also integrates with BRC-20, enabling the building of dApps on the Bitcoin network. It intends to enhance the learning experience by gamifying Bitcoin education, as users who complete challenges and lessons earn higher rankings and $99BTC tokens as rewards.
99 Bitcoins Presale is Live | Learn-To-Earn BRC-20 Presale Crypto | Join… https://t.co/PotaddSy0U via @YouTube
— Crypto Boy (@CryptoB786) April 19, 2024
99Bitcoins also has a staking platform, where investors can stake $99BTC for an impressive 1,343% annual percentage yield (APY). Users can also benefit from the ongoing $99,999 BTC airdrop for the community, with winners to be announced on July 19.
The project has already raised almost $1.3 million as it climbs towards its $2 million target,.
Investors can buy 99BTC tokens now for $0.00105. With a price hike coming in five days, buy soon for the best price.
Visit and buy 99Bitcoins here.
Also Read:
99Bitcoins (99BTC) – New Learn To Earn Token
- Audited By Solid Proof
- Established Brand – Founded In 2013
- Free Airdrop – Win A Share Of $99,999
- Learn To Earn – Get Paid To Complete Trading Courses
- 700,000+ YouTube Community
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