$BTC

Bitcoin on the verge of another record... Indicators of continued upward trend

The Bitcoin currency is approaching new record prices, which could lead to a surge in gains in the alternative cryptocurrency market, as trade tensions between the United States and China ease.

What could boost market recovery this week is the slowdown in the consumer price index for April.

The continued slowdown in the consumer price index may bolster expectations for interest rate cuts by the Federal Reserve, which could be a strong driver for Bitcoin to rise to record levels above $110,000.

Bitcoin is currently trading, the largest cryptocurrency by market capitalization, at around $104,320, just 5.1% away from reaching new record levels above $109,350.

Bitcoin has seen a sharp recovery since the beginning of April, after dropping to $75,000, with prices jumping by 10% last week supported by continued inflows into spot exchange-traded funds (ETFs).