Bitcoin’s $80,584 closing price today suggests a potential rally toward $85,000 amid inflation concerns, though recent data shows volatility. While inflation rose to a three-year high in April, a daily close above $82,000 could signal a stronger upward trend, according to Matt Mena. However, resistance against a hotter producer price index reading might bring the asset back to $75,000 support. A copper-gold ratio exceeding its 200-day average now indicates a long-term bullish cycle, though past bull runs coincided with rising energy prices. Core consumer costs saw a 0.4% rise in April, matching March’s pace and outpacing expectations, while headline CPI surged 3.8% compared to expected 3.3%. This shift has driven stock declines, with the Nasdaq dropping 1.3% after FedWatch projected rate hikes. Despite holding steady, major altcoins like ETH and XRP remain underperforming. Personally, I see this as a moment to reassess Bitcoin’s resilience against inflationary pressures, as both markets reflect broader economic uncertainty.
