$BTC In the past 24 hours, Bitcoin (BTC) has experienced a notable bullish surge, breaking through the $65,000 barrier and reaching its highest level in the last three weeks. This rally, translating into a daily gain of approximately 3.5% to 4.3%, was driven primarily by the release of more favorable macroeconomic data in the United States. The unexpected decline in inflation indexes, reflected in both the Producer Price Index (PPI) and the CPI, injected optimism into both traditional financial markets and the cryptocurrency market.
This scenario encouraged expectations that the Federal Reserve will begin easing its monetary policy, catalyzing a rapid wave of buying pressure that revived traders’ confidence.
This strong upward move not only reignited market sentiment, but also triggered an aggressive short squeeze that liquidated more than $209 million in short positions on exchanges.
Although the asset met technical resistance near its intraday highs and pulled back slightly to consolidate in the $64,700 to $65,300 range, the day’s global trading volume comfortably exceeded $73 billion. Even though overall market sentiment still shows some caution after weeks of uncertainty, consolidation above the $64,000 zone places the cryptocurrency in a favorable scenario that opens the door to pursuing higher targets in the short term.
This scenario encouraged expectations that the Federal Reserve will begin easing its monetary policy, catalyzing a rapid wave of buying pressure that revived traders’ confidence.
This strong upward move not only reignited market sentiment, but also triggered an aggressive short squeeze that liquidated more than $209 million in short positions on exchanges.
Although the asset met technical resistance near its intraday highs and pulled back slightly to consolidate in the $64,700 to $65,300 range, the day’s global trading volume comfortably exceeded $73 billion. Even though overall market sentiment still shows some caution after weeks of uncertainty, consolidation above the $64,000 zone places the cryptocurrency in a favorable scenario that opens the door to pursuing higher targets in the short term.