Bitcoin Surges Towards $66,000 as US Inflation Data Boosts Market Sentiment

Bitcoin's price has rebounded towards $66,000 after softer-than-expected US inflation data was released. The world's largest cryptocurrency had fallen into the high $50,000s earlier this month due to macroeconomic uncertainty and geopolitical tensions.

Institutional demand for Bitcoin has also shown signs of improvement as spot Bitcoin exchange-traded funds (ETFs) recorded net inflows for a second consecutive week. During the previous reporting period, investors added $197.4 million, followed by an additional $75.7 million in the latest update.

However, despite the stronger performance, Bitcoin still faces a key technical hurdle at the $65,000 to $66,000 resistance level. This range has consistently capped rallies since June and remains a crucial barrier for traders before confidence in a broader advance can strengthen.