Summary
- Bitcoin has remained firm above $80,000 despite the shock from the US April CPI report.
- Global crypto funds saw net inflows of $858 million last week, including $706 million into Bitcoin products.
- Bitcoin lost momentum near its 200-day moving average ($82,500), while the CLARITY Act markup and additional macroeconomic data are key variables for its next direction.
Forecast Trend Report by Period
Bitcoin held firm above $80,000 despite the shock from the latest US consumer price index report, with buyers quickly stepping in, CoinDesk reported.
Bitcoin briefly fell to $79,879 after the release of April US CPI data on May 13, before rebounding to around $81,200 as buying emerged, according to CoinDesk.
US consumer prices rose 3.8% in April from a year earlier, the highest level since 2023. The reading heightened inflation concerns, reduced expectations for Federal Reserve rate cuts and weakened sentiment toward risk assets including US stocks.
Even so, Bitcoin has stayed above $80,000 and remained more resilient than expected after the CPI shock. Fund flows have also been supportive. CoinShares data showed global crypto funds posted net inflows of $858 million last week, including $706 million into Bitcoin products alone.
Short-term upside momentum has cooled somewhat, however. Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin lost momentum near its 200-day moving average of $82,500. He added that the recent pullback looks less like a sharp drop and more like a pause following a rally.
Market participants are now watching the US Senate Banking Committee's markup of the CLARITY Act on May 14, along with additional macroeconomic data, as key factors that could determine Bitcoin's next direction.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
