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MicroStrategy Chairman Michael Saylor has shared an epic reaction to Bitcoin's (BTC) rise on the release of the Consumer Price Index (CPI) data.
May 16, 2024 9:30 AM - Parth Sanghvi
Image credit: Kenny Eliason
Michael Saylor's Reaction
As of the latest CoinMarketCap data, Bitcoin is trading at $64,222, representing a 3.98% increase in the past 24 hours. This spike in Bitcoin's price is quite notable as the cryptocurrency has failed to cross the $64,000 mark in recent times.
Notably, the surge comes following the release of the U.S. Consumer Price Index (CPI) data, showing a 3.4% drop on a year-on-year basis. This data aligns with expectations from analysts, explaining the reason behind the spike in the price of Bitcoin.
Traders on index swaps are now anticipating a faster pace of rate cuts following the most recent CPI data. In addition, the Federal Reserve is expected to decrease borrowing costs in September and December.
As previously reported by U.Today, Saylor forecast that U.S. pension funds, which collectively manage more than $27 trillion in assets, will need "some Bitcoin."
What's Next for Bitcoin
During the recent dip in BTC's price, volume analysis showed increased buying activity. This indicates strong support from buyers at lower price levels.
Typically, this accumulation phase often precedes a price rally, as investors take advantage of lower prices to build their positions.
As investors await the next price levels for the leading digital assets, it is worthy of note that volatility is inherent to the crypto market.
Stay updated on the latest developments in the crypto market with the Crypto News API.
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