Bitcoin Traders Expect Prices to Hit $74K Highs as Selling Pressure Eases

Bitcoin’s price could reach $74,000 in the coming weeks amid softer U.S. inflation figures and institutional demand, which favors riskier assets.

The softer-than-expected U.S. Consumer Price Index rose 0.3% versus 0.4% in March amid economist forecasts for 0.4%, triggering a breakout for BTC. The asset regained the $66,000 mark for the first time since April and posted its biggest “We expect bullish momentum here that could take us back to the highs of nearly $74,000,” QCP traders said. “The desk saw sizeable buyers of $100K-$120k BTC Calls for Dec 2024 on this move higher in spot.”

Meanwhile, some analysts say the selling pressure on bitcoin appears to have eased off, citing on-chain and exchange data.

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