Bitcoin

<ul>
 <li>Bitcoin surged to $69,350 after the May US CPI revealed a lower-than-expected inflation rate of 3.3%.</li>
 <li>BTC could gain strength if it stays above $68,000, aiming for $70,230 and surpassing $71,000.</li>
</ul>
Today, Bitcoin (BTC) surged by 4%, propelling its price from $67,700 to $69,506, following the release of the U.S. Consumer Price Index (CPI) data, which showed a lower-than-expected <a href="https://thenewscrypto.com/crypto-market-faces-pressure-as-investors-await-feds-interest-rate-decision/" target="_blank" rel="noopener noreferrer nofollow">inflation rate</a> of 3.3% for May. This comes amidst anticipation over the Federal Reserve’s decisions on interest rate cuts.
The highly anticipated CPI data for May revealed that inflation remained unchanged at 0.3%, surpassing market expectations. According to recent U.S. Bureau of Labor Statistics figures, the CPI held steady at 0.3% in May, contrary to a 0.1% decrease in market forecasts. The year-on-year CPI inflation rate slightly decreased from April’s 3.4% to 3.3% in May.
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcL1kOePMB-iwQ-dn3683E5yAA_lzpEQpGsaO_q_4-78I0kkD3DIlB7rKKYbi9qyRMfaYATjGMGhcbeKM_YHCWNZyHAMnB2kyeIhCoWiWhvdNp-tsjrGKK7CysD7lqwjTcEZMu6uqFshXUUG4fQj8Uv8vs?key=381jmewcxuDdd0n8DE7oIQ" alt="">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
 </figcaption>
 </figure>
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Despite recent market downturns, Bitcoin managed to <a href="https://thenewscrypto.com/bitcoin-etfs-see-surge-in-trading-volume-amidst-recent-price-plunge/" target="_blank" rel="noopener noreferrer nofollow">maintain its position</a> above the $67,000 mark and even rallied to $67,900 in the hours leading up to the Federal Open Market Committee (FOMC) meeting on June 12. At the time of writing, Bitcoin traded at $69,389 with a market cap of $1.36 trillion.
<h2 class="wp-block-heading" id="h-will-bitcoin-btc-maintain-its-rally">Will Bitcoin (BTC) Maintain Its Rally?</h2>
<a href="https://thenewscrypto.com/donald-trump-advocates-for-bitcoin-mining-advancing-his-pro-crypto-stance/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s</a> ability to stay above its 50-day and 20-day simple moving averages indicates a bullish trend, with the June 12 daily candle displaying signs of recovery.&nbsp;
If the price of BTC holds above $68,000, it will gain more strength, with the next resistance level at $70,230 potentially leading to further gains up to $70,680. This momentum could propel Bitcoin to breach the $71,000 mark.
In a downtrend scenario where BTC fails to hold above $68,000, it will establish immediate support at $67,680, potentially leading to more declines toward $67,310 and even down to $66,790.

Bitcoin Surges To $69K Amidst Lower Than Expected Inflation Rate

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TheNewsCrypto

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