• After the discharge of CPI information, Bitcoin exceeded $66,000.
• Analysts predict the tip of the downtrend for BTC.
• BTC is aiming for $70,000 supported by bullish indicators.

Bitcoin costs rose one other 6% on Thursday, surpassing $66,000 for the primary time since March. As of this writing, the inventory worth is $66,225.85, and the market capitalization is $1.295 trillion. Equally, buying and selling quantity elevated by 76.00% to $42.575 billion.

BTC/USD 24-hour chart (Supply: coin statistics)

The soar got here after the newest US Shopper Worth Index (CPI) information was launched on Wednesday. Bitcoin has now decisively damaged by way of the $64,000 resistance degree, which might pave the best way for one more rally to new all-time highs.

Market analysts sign an finish to the downtrend

Cryptocurrency analysis agency Recto Capital mentioned the current breakout means that Bitcoin’s downtrend could also be nearing an finish. The corporate famous that markets usually take a look at buyers' resolve with declines earlier than huge positive factors are realized.

“The Bitcoin bull market isn’t over,” mentioned Recto Capital.

Moreover, Bitcoin is exhibiting indicators of weakening sell-side momentum and is beginning to stabilize across the $60,000 assist degree. This sustained assist is crucial to proceed the present uptrend.

one other particular person I respect market analystPeter Brandt has expressed related optimism concerning Bitcoin's trajectory. Brandt means that Bitcoin is on its technique to new all-time highs. For this to occur, Bitcoin would wish to decisively break above the $67,000 mark with a powerful bullish transfer.

Bitcoin Eyes $70,000

Bitcoin’s trajectory has damaged upward by way of a symmetrical triangle on the each day chart, indicating a promising upswing. If the present development continues, this bullish breakout might push BTC in direction of the $70,000 degree. Conversely, if sentiment modifications to bearish, the token might search assist at $58,000.

BTC/USD 1 day chart (Supply: buying and selling view)

The Shifting Common Convergence Divergence (MACD) indicator is in an uptrend, reinforcing the constructive outlook. This upward development signifies continued bullish sentiment available in the market. The MACD line, at present situated at -121.04, is approaching the zero threshold, suggesting that bullish momentum could proceed within the brief time period.

Additional supporting the bullish momentum, the MACD chart's histogram reveals a widening inexperienced bar above the zero line. This sample usually signifies growing bullish momentum, suggesting continued purchaser curiosity and the potential for additional worth appreciation.

BTC/USD 1 day chart (Supply: buying and selling view)

One other necessary technical indicator, the Relative Energy Index (RSI), displays this constructive sentiment. The RSI line has risen sharply and is at present situated at 57.91. Moreover, it stays properly above the sign line, avoiding overbought territory and suggesting there may be loads of room for development earlier than the market overheats.