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Bitcoin Eyes $64k Following Two United States Senators’ Endorsement

Bitcoin gains over 2% and returns to $63k after three days of absence. Aside fundamentals, other indicators point to further surge.

bitcoin reserve

Bitcoin sees a sudden surge to $63k following several hours of struggle at $62k. The coin surged to a high of $63,444 a few hours ago. This marks the first time the top coin revisits the level in three days.

Currently up by over 2%, the coin is seeing a good start to the week as many anticipate further price improvements. However, the most recent surge was buoyed by several fundamentals.

One such is the announcement of the US Federal Reserve’s release of CPI data. The metric will determine whether the institution’s chairperson’s statement of not increasing interest rates will hold. The Producer Price Index will be printed on May 14, followed by the Consumer Price Index (CPI) on May 15.

Many analysts predict that the metrics will remain the same. If this happens, interest will stay the same, with the prospect of cutting them at the end of Q3.

Bitcoin’s most recent price surge illustrates how such a hike or cut in interest rate will affect the crypto market.

Recently, the apex coin received a fresh endorsement from two US senators. Sen. Lummis and Wyden signified their interest and understanding of the asset in a letter signed by both individuals to the DOJ. In the letter, they outlined how the technology worked and warned against any bid to criminalize the technology backing it.

Senator Cynthia Lummis also added on X that “President Biden’s DOJ steamrolling the longstanding interpretation of FinCEN is legally wrong and threatens to criminalize Bitcoin software development in America.”

More Impending Surges

Data from CryptoQuant shows a massive correlation between the Coinbase Premium Index and bitcoin. It dropped from $0.08 to almost zero following the apex coin’s descent from its all-time high.

The index is a leading indicator of a cryptocurrency’s price. This means any changes to it will affect the asset’s price. Currently positive, a flip in its current trend will result in an uptrend for bitcoin in the coming days.

Gideon Geoffery