Bitcoin Breaks Through $66K Barrier on Inflation-Fueled Rally

Bitcoin surged over 8% to reach its highest price since April, reaching $66,442.31 around 4 p.m. EST on CoinMarketCap data. This significant increase was largely driven by a positive U.S. inflation report that saw the Consumer Price Index for All Urban Consumers (CPI-U) rise by 0.3% in March.

Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, attributed the rally to the CPI report and the subsequent optimism it sparked among investors: 'I believe the CPI report was the main catalyst that sparked this latest Bitcoin rally.'

The market recovery was also fueled by improved sentiment, with Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, commenting on the inflation figures and growing investor confidence. Lower selling pressure, as noted in a market report from CryptoQuant, further contributed to the gains.