Bitcoin shrugs off US CPI win as Binance CEO says BTC 'leading pack'
Bitcoin (BTC) experienced a sell-off on May 13, failing to reclaim $104,000 as support despite positive US inflation data. The Consumer Price Index (CPI) for April showed a 2.3% increase year-over-year, the smallest since February 2021. US stocks opened higher, with the S&P 500 and Nasdaq up 0.7% and 1.4%, respectively. The S&P 500 has entered a new bull market, rising 20% since April. BTC/USD is navigating nearby order book liquidity, with expectations of increased volatility. Analysts predict potential retests of $102,000, while BTC remains in an uptrend even if it dips to $97,500. QCP Capital noted BTC's struggle between being viewed as "digital gold" and a risk-on asset, suggesting it may remain range-bound. Richard Teng from Binance highlighted BTC's strong performance compared to traditional assets, asserting its position as a resilient alternative investment.
