Following the opening of Wall Street on May 15, Bitcoin experienced a rally, with its price climbing to $65,150. This surge, amounting to a 6.61% increase from a low of $61,299, represented a notable intraday high. Various factors contributed to this upward momentum, including the release of the Consumer Price Index (CPI) data, which showed lower-than-expected figures, thereby boosting investor confidence.

The April CPI data, released by the U.S. Bureau of Labor Statistics, indicated a 0.3% increase, falling short of the estimated 0.4%. Despite the year-on-year rate rising to 3.2%, the lower-than-expected CPI print sparked discussions among market participants regarding potential interest rate cuts by the Federal Reserve in 2024. However, according to the CME's FedWatch tool, traders' expectations for a June rate cut stood at just 3.1% at the time, suggesting a prevailing sentiment of the Fed maintaining rates steady in the near term.

Amidst this discussion, positive inflows into spot Bitcoin ETFs further fueled bullish sentiment among investors. On May 14, U.S. spot Bitcoin ETFs witnessed a net inflow of $100.5 million, with ARK 21Shares’ Bitcoin ETF leading the inflows. Conversely, the Grayscale Bitcoin Trust experienced outflows. This influx of capital into Bitcoin investment products, as evidenced by the State of Wisconsin Investment Board's disclosure of holding approximately $164 million in spot Bitcoin ETFs, signaled growing institutional interest in Bitcoin.

In terms of technical analysis, Bitcoin displayed several bullish signals across multiple timeframes. The price breached the resistance at the 50-day exponential moving average (EMA), a level that had previously acted as a barrier since April 30. Additionally, the Relative Strength Index (RSI) showed a sharp recovery, crossing the midline and indicating a strengthening recovery momentum. On the four-hour timeframe, Bitcoin's price flipped the 200-day EMA back to support, potentially signaling a trend reversal.

Furthermore, various technical indicators, such as the TD Sequential indicator and the Stochastic RSI, presented bullish signals across different timeframes, suggesting further upside potential for Bitcoin's price. Overall, these developments underscored the cryptocurrency's resilience and positive outlook amidst market volatility and macroeconomic uncertainties.