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In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets. The latest momentum shift in Bitcoin’s price action has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs. Bitcoin Breaks Out The co-founders of Glassnode believe this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so. Related Reading: Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise They believe the trigger was the recent lower-than-expected US inflation figures and weaker retail sales data, which could prompt a more “dovish stance” from the Federal Reserve. According to the Glassnode co-founders, this opens the door to a more dovish stance from the Fed. They explain that Bitcoin and the market liked this, and now they expect the price to reach $66,000 before $69,000 and then up towards $84,000. They also believe the altcoins will follow this move strongly. However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett suggests that Bitcoin needs to hold the $65,000 level as new support, cautioning that the $68,000 and $73,000 price levels could act as resistance and liquidity pockets. He warns that if Bitcoin loses the $65,000 support, it’s back to the “chopfest” – further consolidation and volatility. Andrew Tate Considers Dumping Fiat For BTC In a surprising move, popular internet personality and self-proclaimed “Top G” Andrew Tate has announced his intention to abandon fiat currency and invest over $100 million into Bitcoin. In a post on social media platform X, formerly known as Twitter, Tate declared, “I’m about to leave fiat completely and ape over 100M into BTC.” Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the traditional banking system and fiat currency as the driving force behind this potential decision. “I’m done with the banks. I’m done with their money. Done with the scams,” he wrote in the post. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish In a follow-up post, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio. However, he hinted that he might “leave fiat completely,” suggesting that his preference for Bitcoin and other digital assets is growing. As of press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels. Featured image from Shutterstock, chart from TradingView.com

Bitcoin Soaring Toward $84,000: Insights From Glassnode Co-Founders

Miner capitulation is at hand as Bitcoin hashrate trends downward post-halving event.

Decoding Bitcoin’s 20% hashrate decline: Why are miners struggling?

Bitcoin surges 7.50% to $66,350 as US CPI data indicates cooling inflation, boosting hopes for a Federal Reserve rate cut. The post Bitcoin Price Prediction as US Core Inflation Data is Released – Is the Bull Market About to Start? appeared first on Cryptonews .

Bitcoin Price Prediction as US Core Inflation Data is Released – Is the Bull Market About to Start?

The Bureau of Labour Statistics has released the Consumer Price Index (CPI) report this week, indicating that inflation is easing again in the US. According to the data, inflation grew slower in April, rising by 0.3% compared to 0.4% in the previous month, beating economists’ expectations of a 0.4% month-over-month growth. Bitcoin price, which hovered The post Bitcoin Price: Will Softer CPI Send BTC To $70,000 In May? appeared first on CoinGape .

Bitcoin Price: Will Softer CPI Send BTC To $70,000 In May?

A novel crypto bill protects citizens’ rights to hold, spend, and mine Bitcoin—as long as they do it quietly.

Bitcoin Self-Custody Enshrined As a Right In Oklahoma

Bitcoin prices have surged recently, rising to their highest value in weeks as bullish factors, including modest inflation, fueled gains.

Bitcoin Prices Rally Over 8% To Reach Their Highest Since Late April

Bitfarms Ltd., a global bitcoin mining company, has announced the immediate termination of Geoffrey Morphy as president and CEO, along with his removal as a director. Following his dismissal, Morphy filed a lawsuit against the company, seeking $27 million in damages for alleged breach of contract and wrongful dismissal. Bitfarms is set to defend against

Bitfarms Terminates CEO Geoffrey Morphy, Faces $27 Million Lawsuit

Popular cryptocurrency analyst PlanB, who is widely recognized in the crypto community, has suggested that the price of the flagship cryptocurrency Bitcoin could soon go “vertical,” based on historical data. PlanB, known for his stock-to-flow (S2F) model for predicting Bitcoin’s price, recently shared on the microblogging platform X (formerly known as Twitter) that historical data

Bitcoin Price Could go ‘Vertical’ when BTC Miner Revenue Recovers, Historical Data Shows

On May 15, Bitcoin soared past $64,000, coinciding with the announcement of lower-than-expected core inflation rates in the United States. This significant increase in Bitcoin’s value occurred after the release of the Consumer Price Index (CPI) data, which reflected a positive outlook for risk assets like cryptocurrencies. As a result, Bitcoin reached a local high of $64,700, according to data from Cointelegraph Markets Pro and TradingView. The CPI report for April indicated a month-on-month increase of 0.3%, which was 0.1% below the anticipated figures. This data suggested a decrease in core inflation to its lowest point since 2021, hinting at

Bitcoin Surges Past $64,000 as U.S. Core Inflation Hits Three-Year Low

The cryptocurrency sector remains a hotspot for investors aiming to capitalize on groundbreaking opportunities. Understanding platforms like Avalanche, Kaspa, and the innovative BlockDAG becomes crucial when closely monitoring market trends and technological advancements. This analysis explores their distinctive features and growth potential, providing a basis for savvy investment decisions. Amid recent advancements in blockchain technology, The post BlockDAG’s 2024 Strategic Roadmap: Catalyzing a New Era in Crypto Investments with Insights on Avalanche’s Price Forecast & Kaspa’s Expansion appeared first on Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News .

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