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Bitcoin surged to $66,000, reaching its highest price since April 24, following sluggish U.S. retail sales and softer inflation reports. This rally was also seen in other cryptocurrencies, with Solana's SOL and NEAR leading the gains. Analysts at Swissblock believe that Bitcoin could target the $84,000 level, with altcoins also performing well. The rally was sparked by a relief in investors as U.S. inflation data showed a decrease in CPI inflation over the last three months, easing concerns about reaccelerating inflation and a red-hot economy. This bullish regime shift, along with the Federal Reserve's intention to taper the central bank's balance sheet run-off, is seen as a favorable print for risk assets. The breakout from a downtrend that capped prices for the last few weeks opens the way for BTC to rally $69,000 first, then potentially towards new all-time highs targeting the $84,000 price level. The surge in Bitcoin also coincided with a climb in U.S. equities, with the S&P 500 index gaining more than 1% and hitting a fresh all-time high, underscoring the return of risk appetite.
