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Bitcoin Price Movement Analysis: Potential for Continued Rise

Liputan6.com, Jakarta Recorded on Friday (17/5) at 12:00 WIB, Bitcoin (BTC) moved at USD 65,600, perched just above moving averages 50-day (MA-50).

“This condition shows that Bitcoin is in a strong position to continue its upward trend,” said Tokocrypto Trader, Fyqieh Fachrur.

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According to him, if Bitcoin is able to stay above USD 65,000 or MA-50, there is potential to continue its increase to around USD 69,000. However, if BTC fails to stay above the 50-MA, there is a possibility that the price will weaken to USD 62,500.

Therefore, US spot BTC ETF market flow data and FOMC Member chatter need to be taken into consideration. On the other hand, technical indicators also show positive signals. The Stochastic indicator is rising towards the overbought area, indicating high buying pressure.

Analysis of Other Indicators

Additionally, the MACD histogram shows momentum bullish, strengthening prospects for further gains. The nearest support level is at USS 64,000, while the main resistance is at D69,000.

Traders and investors are advised to monitor these key Bitcoin price levels as a guide in making trading decisions,” he said.

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Previously, the price of Bitcoin jumped almost 8% within 24 hours. The crypto market rally follows the surge in Bitcoin prices since yesterday. This price spike follows the latest US inflation data, which may have eased some investor concerns regarding the Fed's potential steps in its interest rate policy.

“Let's take a quick look at the possible reasons that triggered the recent rally in the crypto market. The latest US CPI data shows that inflation eased in April, providing relief to crypto market investors,” he explained.

According to Labor Department data, the US CPI rose 0.3% in April, lower than market expectations of 0.4%. At the same time, year-over-year Core CPI rose 3.6%, in line with WallStreet estimates and lower than the 3.8% recorded in the previous month. This declining inflation data, although still above the Fed's target range of 2%, still strengthens investor confidence.

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Bitcoin Price Movement Analysis: Potential for Continued Rise

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