Market attention shifts to US inflation data release, sparking speculation about Bitcoin's next move. Could the release trigger a resurgence in the Bitcoin bull market?

**Bitcoin Price Surges Amid Cooling Inflation Data**Bitcoin’s price surged by 7.50% to reach $66,350 following the release of the latest U.S. inflation data. The consumer price index (CPI) rose by 0.3% in April, lower than the previous month’s 0.4% and 0.4% in February, suggesting that inflation is gradually slowing down.**CPI Data Points to Cooling Inflation**The lower-than-expected CPI increase is considered positive news as it indicates cooling inflation. This aligns with other data showing a slowdown in retail sales, indicating that domestic demand is easing. The subdued demand is seen as favorable for Federal Reserve officials attempting to achieve a “soft landing” for the economy without causing a recession.**Shelter and Gasoline Prices Drive CPI Increase**Shelter costs, including rents, and gasoline prices recorded significant increases. Shelter costs rose by 0.4% for the third consecutive month, while gasoline prices soared by 2.8%. These two categories contributed over 70% to the CPI increase. In contrast, food prices remained unchanged, with notable decreases in supermarket prices for items like eggs.**Inflation Moderates, Market Responds**Year-over-year, the CPI increased by 3.4% in April, down slightly from the previous month. This marked a significant slowdown from the peak inflation of 9.1% recorded in June 2022. The moderation in inflation has led to market expectations of a potential interest rate cut by the Federal Reserve in September.**Central Bank Response and Market Impact**Federal Reserve Chair Jerome Powell acknowledged that inflation is gradually declining but expressed expectations that it would continue to move downwards towards the central bank’s target of 2%. The anticipation of a rate cut has led to market movements, with stock markets rising, the dollar weakening, and U.S. Treasury prices climbing.**Bitcoin Price Analysis**Bitcoin is currently trading at $66,350, up 7.50%. The 4-hour chart exhibits a strong bullish rally, with the price breaking out of a symmetrical triangle pattern around the $63,300 level. This breakout is supported by two significant bullish engulfing candles.**Potential Market Indecision and Price Levels**While the outlook remains bullish, caution is advised due to recent candlestick formations suggesting potential market indecision. Overbought RSI readings of 78 further hint at the possibility of a forthcoming bearish correction. Key price levels to watch include the pivot point at $65,150 and the immediate resistance levels at $67,300, $68,545, and $70,000.