What to know:
- Bitcoin came within a few dollars of the $105,000 level. Ethereum’s ETH led crypto gains with a 9% advance to $2,700.
- Crypto is benefitting from rising institutional interest and mainstream adoption, highlighted by Coinbase being included in the broad-market S&P 500 index, LMAX Group market strategist Joel Kruger said. Institutional flows will be selective of altcoins, Wincent’s Paul Howard said.
- BTC faces resistance at $106,000, so consolidation is likely before next leg higher, Bitfinex analysts said
Bitcoin climbed back above $104,000 on Tuesday with welcome fresh inflation data, President Trump’s bullish outlook on financial markets, and Coinbase’s inclusion into the S&P 500 among catalysts for the advance.
April’s Consumer Price Index (CPI) came in cooler than anticipated, which may allay pressure on the Federal Reserve anxious about inflation due to tariffs. Fed Chair Jerome Powell’s scheduled speech on Thursday could provide further policy guidance.
