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Bitcoin (BTC) price invalidated the recent daily downtrend on Wednesday after briefly rallying above $66k. The flagship coin pumped more than 6.6 percent in the past 24 hours to trade around $65,972 on Thursday during the early Asian session. The sudden Bitcoin price pump that significantly influenced the majority of the altcoins was triggered by US inflation data, the Consumer Price Index (CPI), which came in lower than expected every month.
Bitcoin Follows Major Stock Indexes
The recent Bitcoin price pump has mirrored major global stock indexes, led by the S&P 500, which rallied to a new all-time high in the past 24 hours. The rising traded volume for the spot BTC ETFs shows that institutional investors’ heightened demand for Bitcoin has helped rejuvenate the bullish sentiment.
According to trading data from market intelligence platform Santiment, the top seven spot Bitcoin ETFs registered a daily traded volume of about $5.65 billion, the highest since March 24. Similarly, Hong Kong-based spot BTC ETFs have registered notable cash inflows since inception, with reports of inevitable adoption by mainland China investors.
📈 #BitcoinETF volume is picking up major steam, with the 7 largest #ETF’s hitting $5.65B, the highest day since March 24th. Gone are the days of whales only accumulating #onchain. Keep a close eye on whether momentum stays high with our free dashboard: https://t.co/fyI2IS1U79 pic.twitter.com/77ZD0e7gpz
— Santiment (@santimentfeed) May 16, 2024
Midterm BTC Price Targets
Bitcoin price rallied above the daily 50 Moving Average (MA) and the Relative Strength Index (RSI) on Wednesday. Bitcoin price must consistently close above the support/resistance level of around $67k to validate the recent reversal backed by an inverted head and shoulder (H&S) pattern.
I have shown this chart many times in the past in slightly different iterations and it remains my preferred interpretation $BTC pic.twitter.com/dr47wYBsw3
— Peter Brandt (@PeterLBrandt) May 15, 2024
According to veteran trader Peter Brandt, Bitcoin price is on the verge of printing a new all-time high based on the hump, slump, bump, dump, pump (HSBDP) indicator.
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