Cardano

Risky assets, including Bitcoin and altcoins, received a boost following today's CPI report.

The S&P 500 Index (SPX) and the Nasdaq Composite soared to a new lifetime high after the United States Consumer inflation report came in less than expected. That ignited a rally in Bitcoin (BTC), pushing the price above $66,000. The farther Bitcoin moves from $60,000, the less likely a breakdown is. However, that does not guarantee the start of a new uptrend. 

Galaxy Digital founder and CEO Mike Novogratz said during the firm’s first quarter earnings call that Bitcoin was likely to consolidate between $55,000 and $75,000 before moving higher at the end of the current quarter.

The failure of the bears to sink Bitcoin below $60,000 seems to have attracted buyers. CoinShares’ “Digital Asset Fund Flows Weekly” report showed inflows of $130 million into digital asset investment products this past week, the first such occurrence in five weeks.

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Altcoins showed impressive double-digit gains after Bitcoin bulls successfully pulled BTC price back above the $61,000 level.

Bitcoin (BTC) bulls are trying to stage a comeback by pushing the price above the psychologically crucial level of $60,000. Veteran trader Peter Brandt said in a X post that if Bitcoin holds the most recent lows and moves higher, it will be considered a “very common bull market continuation chart construction.”

Analysts are bullish on the long-term prospects of Bitcoin but do not expect the uptrend to start in a hurry. Bitfinex Alpha market report said that Bitcoin could stay range-bound for one to two months “with swings of $10,000 on either side.”

Traders are likely to keep a close watch on the spot Bitcoin exchange-traded funds. According to Farside Investors data, the Bitcoin ETFs witnessed outflows of $563 million on May 1. The sentiment is likely to pick up after the Bitcoin ETFs witness net inflows for a few successive days. Former BitMEX CEO Arthur Hayes believes the sell-off has ended, and the crypto markets may head higher.

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Bitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging?

Bitcoin (BTC) sliced through the $60,000 support on May 1, signaling that the uptrend has weakened. While the fall has muddied the short-term picture for Bitcoin, the analysts remain bullish for the long term. 

Traders latch on to every bit of negative news when the price action turns bearish. Investor sentiment received a beating on the muted response to the Hong Kong spot Bitcoin and Ether (ETH) exchange-traded funds (ETFs) that debuted on April 30. Continued outflows from the United States-based spot Bitcoin ETFs for the fifth consecutive day also did little to soothe nerves.

Every bull phase witnesses sharp corrections, which shake out the weak hands. The lower levels give an opportunity to the long-term investors to add to their portfolios. However, it is better to wait for the price to confirm a bottom before initiating large bets.

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Bitcoin and altcoins could be en route to retest their recent strong support levels as bears try to extend the correction.

Bitcoin (BTC) continues to trade inside a large range, suggesting indecision about the next trending move. Analysts trying to predict the direction are enthused by the $1.3 billion of USD Coin (USDC) transferred to Coinbase by whale addresses. Expectations are that the funds will be used to buy Bitcoin and Ether (ETH).

Large investors are not only buying the top two coins by market capitalization. CoinShares head of research James Butterfill said in a recent report based on a survey of 64 institutional investors that 15% of the respondents had invested in Solana (SOL). In comparison, none of the investors held Solana in the firm’s January survey.

Morgan Creek Capital CEO Mark Yusko said in a recent interview with The Wolf Of All Streets podcast that about $300 billion of baby boomers’ wealth is likely to enter into digital assets within 12 months. This inflow could boost the cryptocurrency market capitalization to $6 trillion.

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