Bitcoin’s current price of $66,249.40 USD has risen by $5,434.80 over the past five days, leading to bullish sentiment in Bitcoin futures, which stayed above $60k on Tuesday, May 14. On Wednesday, weaker US CPI and retail sales reports boosted risk sentiment, resulting in a bullish range expansion.

Bitcoin’s performance has mirrored the stock market indices, reaching new highs alongside record-breaking days in US equity markets like Wall Street and the Dax. However, softer US data suggests the Fed might reduce easy money policies, which fuels risk interest.

To avoid a rebound in a “soft landing scenario,” the US must reduce inflation while maintaining stable growth. Traders favor weaker US data over strong data, and recent moves indicate that even slight weaknesses in second-tier data could extend Wednesday’s momentum into the weekend.

If incoming data weakens the US dollar, it’s likely Bitcoin and gold will benefit from Wednesday’s momentum extending further.

Technical analysis indicates Bitcoin has remained above the $60,000 support zone, recently climbing past $62,000 and overcoming resistances at $63,500 and $65,500 to set a weekly high of $66,411. It is now consolidating, holding above the 23.6% Fibonacci retracement level from $61,073 to $66,411. Immediate resistance is around $66,400, with major resistance near $66,850, and potential for further gains up to $68,000 if these levels are surpassed. A downside correction could occur if sellers defend the $66,400 resistance, with support around $65,150.

The daily chart shows strong trading volumes leading up to Wednesday’s rise, and the 4-hour chart indicates a possible slowdown in bullish momentum. A downside retracement could present a bullish setup around the 200-bar average and prior swing high.

Without a significant economic downturn, US equities are unlikely to reverse their upward trend, as current trends suggest a strong bullish market. Both the S&P 500 and Nasdaq have recently set new all-time highs, and any pullbacks to these levels are seen as opportunities for further gains. The bullish outlook for US equities remains strong, provided economic data does not reveal significant deterioration, with investors likely to push for new highs in response to moBitcoin’s current price of $66,249.40 USD has risen by $5,434.80 over the past five days, leading to bullish sentiment in Bitcoin futures, which stayed above $60k on Tuesday, May 14. On Wednesday, weaker US CPI and retail sales reports boosted risk sentiment, resulting in a bullish range expansion.

Bitcoin’s performance has mirrored the stock market indices, reaching new highs alongside record-breaking days in US equity markets like Wall Street and the Dax. However, softer US data suggests the Fed might reduce easy money policies, which fuels risk interest.

To avoid a rebound in a “soft landing scenario,” the US must reduce inflation while maintaining stable growth. Traders favor weaker US data over strong data, and recent moves indicate that even slight weaknesses in second-tier data could extend Wednesday’s momentum into the weekend.

If incoming data weakens the US dollar, it’s likely Bitcoin and gold will benefit from Wednesday’s momentum extending further.

Technical analysis indicates Bitcoin has remained above the $60,000 support zone, recently climbing past $62,000 and overcoming resistances at $63,500 and $65,500 to set a weekly high of $66,411. It is now consolidating, holding above the 23.6% Fibonacci retracement level from $61,073 to $66,411. Immediate resistance is around $66,400, with major resistance near $66,850, and potential for further gains up to $68,000 if these levels are surpassed. A downside correction could occur if sellers defend the $66,400 resistance, with support around $65,150.

The daily chart shows strong trading volumes leading up to Wednesday’s rise, and the 4-hour chart indicates a possible slowdown in bullish momentum. A downside retracement could present a bullish setup around the 200-bar average and prior swing high.

Without a significant economic downturn, US equities are unlikely to reverse their upward trend, as current trends suggest a strong bullish market. Both the S&P 500 and Nasdaq have recently set new all-time highs, and any pullbacks to these levels are seen as opportunities for further gains. The bullish outlook for US equities remains strong, provided economic data does not reveal significant deterioration, with investors likely to push for new highs in response to most declines.st declines.