Bitcoin Charges Toward $63K: Bulls Overpower Market Sellers

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            <li><p>Pseudonymous analyst Skew reports that "taker selling" pressure on Binance is being balanced by spot purchasing activity on Coinbase and Bitfinex.</p></li>
            <li><p>The dollar index falls ahead of critical U.S. CPI data release.</p></li>
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        <p>Bitcoin (BTC) experienced slight gains on Wednesday, overcoming selling pressure on Binance as the dollar index (DXY) dipped ahead of the anticipated U.S. April inflation report.</p>
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        <p>According to CoinDesk, the leading cryptocurrency by market value climbed 2% to reach $62,800, almost fully recovering from Tuesday’s drop.</p>
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        <p>Data from The Kingfisher shows that bullish trading activity on the Nasdaq-listed Coinbase exchange and Bitfinex helped balance the "taker selling" on Binance. A taker order is one executed immediately at the current market rate.</p>
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        <p>The spot cumulative volume delta (CVD) for Coinbase and Bitfinex increased, indicating higher net buying pressure, whereas the CVD on Binance saw a decline, suggesting steady selling activity.</p>
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        <p>CVD quantifies the net difference between buying and selling volumes, revealing whether buyers or sellers are leading the market. This indicator includes trades in USD or USD equivalents, including both fiat and stablecoins pegged to the dollar.</p>
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        <p>"Binance Spot taker selling is ongoing, currently matched by passive spot biddings. There’s some renewed taker bidding on Coinbase spot, with batches of spot being bought," Skew commented on X.</p>
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            <figcaption tabindex="0"><span>Bitcoin's spot price and cumulative volume delta across exchanges. (The Kingfisher, Skew)</span></figcaption>
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        <p>In traditional markets, traders continue to sell the U.S. dollar against other major currencies, which in turn supports gains in risk assets, including cryptocurrencies.</p>
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        <p>According to TradingView, the dollar index, which measures the value of the greenback against a basket of other currencies, decreased by 0.17% to 104.84, continuing its decline from the May 1 peak of 106.49.</p>
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        <p>This weakness followed statements by Federal Reserve Chairman Jerome Powell, suggesting that current monetary policy is restrictive by several measures and that a rate hike is unlikely to be the next move.</p>
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        <p>Powell also minimized the significance of the hotter-than-expected April producer price index (PPI) figure, which had hinted at rising inflation.</p>
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        <p>"I wouldn’t call it hot," Powell remarked about the wholesale inflation data. "I would describe it as somewhat mixed."</p>
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        <p>The Labor Department is set to release the consumer price index (CPI) for April on Wednesday at 12:30 UTC. Analysts suggest that a softer-than-expected reading could push BTC above the $65,000 mark.</p>
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        <p>The consensus forecast is for the CPI to show a 3.4% annual increase for April, down from March’s 3.5%. The core CPI, which excludes volatile food and energy prices, is expected to have risen 3.6% year-on-year, a moderation from March’s 3.8% increase.</p>
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